We report the synthesis of soft magnetic Fe-Co nanobars by an improved polyol process using cetyltrimethylammonium bromide (CTAB) as stabilizer. The synthesized samples were studied by using Transmission Electron Microscopy. The Fe-Co nanoparticles were characterized by X-ray diffraction, UV-Vis spectroscopy, Fourier transform infrared spectroscopy and Vibrating Sample Magnetometer. The Fe-Co nanobars showed prominent UV-VIS absorption at 371 nm. This report discusses the effect of sodium sulfite and CTAB on the synthesis of Fe-Co nanoparticles.