This study reports on Co/$Co_2$MnSn two-phase magnets. The Co/$Co_2$MnSn two-phase magnet has Co precipitates in a $Co_2MnSn$ Heusler alloy matrix, in which the two phases are exchange-coupled at the phase boundary. The as-casted Co/$Co_2$MnSn system, which has Co-Mn solid solution precipitates in a $Co_2$MnSn Heusler alloy matrix, showed that the Co solid solution precipitates are crystallographically coherent and there is exchange coupling at the phase boundary. To form pure Co precipitates by removal of Mn solute atoms in Co-Mn solid solution, annealing was carried out 48 hours at $870^{circ}C$. After annealing, the low $T_c$ and low magnetization phase of the Co-Mn solid solution became a high $T_c$ and high magnetization phase of hexagonal Co.