The nanocrystalline iron (Fe)–cobalt (Co) alloy exhibits significant properties compared with a conventional material of the same concentration due to the impact of the crystal size. Nanocrystalline FeCo was synthesized from elementary iron and cobalt powdered materials using a planetary ball mill. The complete formation of the iron–cobalt solid solution was observed after 10 h of grinding, and the crystal size reached 15 nm with a grinding time of 40 h. This research aims to investigate the electromagnetic properties of the iron–cobalt nanocrystalline system. Structural and morphological evaluations were carried out using X-ray diffraction and scanning electron microscopy, respectively. The change in electromagnetic behavior was analyzed by using the eddy current technique, which confirms that the nanostructural state can be verified by using the impedance spectrum. The magnetic results found by the vibrating-sample magnetometry measurements confirm those found by the eddy current tests.