Intermetallic compounds are commonly used in semiconductor, shape memory materials, hydrogen storage materials and magnetic materials due to their unique physical and chemical properties. In this study, the FeNi3/rGO (rGO: reduced graphene oxide) composite was prepared by one-step hydrothermal method using water-soluble nickel and iron salts as metal sources and hydrazine hydrate as reducing agent in alkaline solution. The structure of the composites are characterized by XRD, FTIR, XPS and Raman spectroscopy. The micromorphology of the samples is observed by SEM and TEM. The electrochemical performance of the FeNi3/rGO composite is evaluated by electrochemical impedance spectroscopy (EIS), galvanostatic charge–discharge (GCD) and cyclic voltammetry (CV). The results indicate that when the scan rate is 10 mV s−1 in 4 M KOH electrolyte solution, the specific capacitance of the FeNi3/rGO composite is 169.42 F g−1. At a current density of 1 A g−1, the specific capacitance of the FeNi3/rGO composite remains 82.72% of the original energy after 3000 cycles. Therefore, the FeNi3/rGO composite has excellent capacitance performance and is expected to be applied in supercapacitors and nanodevices in the future.