We investigate the nanograin “chemical” structure in a nanostructured material of possible industrial application (Fe–Al system) prepared by conventional mechanical alloying via ball milling in argon atmosphere. We restrict ourselves to the structural and nanochemical behaviour of ball-milled nanocrystalline Fe–Al powders with atomic composition Fe 3Al, corresponding to a well-known intermetallic compound of the Fe–Al system. Scanning transmission electron microscopy (STEM) equipped with a parallel detection electron energy loss spectrometer (PEELS) has provided an insight on the “chemical” structure of both nanograins and their surface at a spatial resolution of better than 1 nm. The energy loss near edge structure of the Al L loss reveals that the Al coordination is similar to a B2 compound and the oxidation of the powder during processing may play a significant role in the stabilization of the intermetallic phases. Conventional transmission electron microscopy (TEM) was used for the structural characterization of the material after the ball milling; powder X-ray diffraction (XRD) aided the investigation.