This study investigated the effect of synthesis time and composition on magnetic properties of FeCo nanoparticles. Fe75Co25, Fe66Co34, Fe52Co48 nanoparticles were synthesized by the polyol method. The saturation magnetization of Fe75 Co25, Fe66Co34, Fe52Co48 nanoparticles was 178 emu/g, 191 emu/g and 197 emu/g, respectively. The coercivity of Fe75 Co25, Fe66Co34, Fe52Co48 was 113 Oe, 131 Oe and 89.2 Oe respectively. The synthesis time of Fe52Co48 nanoparticles was also varied (2 h and 3 h) to determine the optimal synthesis time. The saturation magnetization of Fe52Co48 synthesized for 2 h, 3 h was 243 emu/g, 202 emu/g, respectively. The coercivity of Fe52Co48 synthesized for 2 h and 3 h was 46 Oe and 111 Oe, respectively. The highest saturation magnetization and lowest coercivity was obtained using a synthesis time of 2 h. Based on these results, it was confirmed that Fe52Co48 had the highest saturation magnetization and lowest coercivity among all of the compositions tested, and optimal synthesis time was 2 h.