A new nanoindentation approach is developed in this study to determine both indentation size effect (ISE) and continuous apparent activation volume () during loading of nanocrystalline nickel (NC Ni) and nanocrystalline nickel-20 wt.% iron alloy (NC Ni-Fe alloy). This approach involves conducting nanoindentation tests under loading modes controlled by both constant strain rate (CSR) and constant loading rate (CLR). Firstly, a new empirical expression for the parameter in the modified Nix-Gao model is established to study the strain rate dependence of the ISEs created in the CSR and CLR tests. Then, continuous data of each individual sample (indentation) during loading are obtained in the CLR test through the alternative use of continuous stiffness measurement technique. The stress dependence of is analyzed based on Duhamel et al.’s model, which considers the role of vacancies generated during inhomogeneous dislocation nucleation. Finally, based on the above experimental and theoretical work as well as transmission electron microscopy observation, the influences of loading mode, loading rate, and material properties (stacking fault energy) on resulting intrinsic hardness of NC Ni and NC Ni-Fe alloy are analyzed. The nanoindentation approach developed in this study provides profound insights into the mechanical behaviors during loading and underlying mechanisms of materials.