In this study, chemical solution mixing and hydrogen reduction method was used to fabricate nanostructured $Fe_xCo_{1-x}$ alloy powders. Fe-Co chloride mixture, FeCl$_2$ and COCI$_2$ with 99.9％ purity, were reduced in hydrogen atmosphere. Nanostructured Fe-Co alloy powders with a grain size of 50 nm were successfully fabricated. Magnetic properties of fabricated $Fe_xCo_{1-x}$(x=0, 10, 30, 50, 70, 100) alloy powders with the same grain size were measured because size factor can affect magnetic properties. Coercivity of Fe-Co alloy powders were increased with increasing Co contents. Maximum value of coercivity in various Co contented Fe-Co alloy powders with similar grain size was 125 Oe at Fe$_{100}$. Saturation magnetization value at Fe$_{70}$Co$_{30}$ composition showed maximum value of 219 emu/g and saturation magnetization value decreased with increasing Co contents and minimum value of 155 emu/g was observed at Co$_{100}$.