Hexagonal ferrite $Co_2$Z(B $a_3$ $Co_2$F $e_{24}$ $O_{41}$ ) was prepared by various coprecipitation-oxidation methods. The formation of $Co_2$Z was studied in order to determine the optimal method. The $Co_2$Z composition hydroxides were prepared with the different oxidation and precipitation from the aqueous solution of $Ba^{2+}$, $Co^{2+}$ and F $e^{2+}$ chloride mixture. The coprecipitates were heat-treated at various temperatures, and their formation phases and microstructures were investigated from the analyses of DTA/TGA, powder XRD and SEM. The $Co_2$Z phase was observed in the case where the precursor will have the amorphous like oxyhydoxide($delta$-FeOOH), and formed from $Ba_3$F $e_{32}$ $O_{51}$ , BaF $e_{12}$ $O_{19}$ (M-type) and $Ba_2$ $Co_2$F $e_{12}$ $O_{22}$ (Y-type). The $Co_2$Z was synthesized by the heat-treatment of the coprecipitate, which was prepared from the precipitation after oxidizing the chloride mixed solution, above 110$0^{circ}C$.EX>.