The crystal growth process and ferromagnetic properties of electrodeposited cobalt nanowires were investigated by controlling the bath temperature and cathodic overpotential. The cathodic overpotential during electrodeposition of cobalt nanowire arrays, ΔEcath, was theoretically estimated by the difference between the cathode potential, Ecath, and the equilibrium potential, Eeq, calculated by the Nernst equation. On the other hand, the activation overpotential, ΔEact, was experimentally determined by the Arrhenius plot on the growth rate of cobalt nanowire arrays, Rg, versus (vs.) reciprocal temperature, 1/T. The ferromagnetic cobalt nanowire arrays with a diameter of circa (ca.) 25 nm had the preferred crystal orientation of (100) and the aspect ratio reached up to ca. 1800. The average crystal grain size, Ds, of (100) peaks was estimated by X-ray diffraction patterns and was increased by decreasing the cathodic overpotential for cobalt electrodeposition by shifting the cathode potential in the noble direction. Axial magnetization performance was observed in the cobalt nanowire arrays. With increasing Ds, coercivity of the film increased and reached up to ca. 1.88 kOe.