Fe-Co nanoparticles stabilized by polyvinylpyrrolidone (PVP) have been prepared using modified polyol process. When 5 mmol of PVP was used, aggregated nanoparticles with irregular shapes were resulted; whereas on increasing the PVP concentration to 10 mmol, highly spherical nanoparticles were obtained. In the present work, the influence of non-ionic stabilizer viz. PVP on the synthesis of spherical nanoparticles and their structural, macromagnetic properties have been reported.