This study was to evaluate the effect of carbon content on metallic change and fatigue characteristics with Fe-29%Ni-17%Co, low heat expansion alloy, widely using electronic components, precision machines, and sealing with glass and metal etc. The steels were fabricated with variation of carbon content, 0, 0.03, 0.06, 0.1, and 0.20% with VIM and tensile test and fatigue test were performed to achieve the above purpose. The more carbon content, the higher hardness value and yield strength. But elongation of 0.03%C, 0.06%C, and 0.10%C specimen decreased about 2.2%, 1.5% and 0.8% respectively more than that of the base metal. Especially the strength and elongation of 0.20%C specimen increased simultaneously about 14.4% and 7.5%. Fatigue life of 0.03%C specimen decreased but the more carbon content, the higher fatigue life over 0.06% carbon content more than that of base metal.