The optimum route to fabricate nano-sized Fe-50 wt% Co and hydrogen-reduction behavior of calcined Fe-/Conitrate was investigated. The powder mixture of metal oxides was prepared by solution mixing and calcination of Fe-/Co-nitrate. A DTA-TG and microstructural analysis revealed that the nitrates mixture by the calcination at $300^{circ}C$ for 2 h was changed to Fe-oxide/$Co_3O_4$ composite powders with an average particle size of 100 nm. The reduction behavior of the calcined powders was analyzed by DTA-TG in a hydrogen atmosphere. The composite powders of Fe-oxide and Co3O4 changed to a Fe-Co phase with an average particle size of 40 nm in the temperature range of $260-420^{circ}C$. In the TG analysis, a two-step reduction process relating to the presence of Fe3O4 and a CoO phase as the intermediate phase was observed. The hydrogen-reduction kinetics of the Fe-oxide/Co3O4 composite powders was evaluated by the amount of peak shift with heating rates in TG. The activation energies for the reduction, estimated by the slope of the Kissinger plot, were 96 kJ/mol in the peak temperature range of $231-297^{circ}C$ and 83 kJ/mol of $290-390^{circ}C$, respectively. The reported activation energy of 70.4-94.4 kJ/mol for the reduction of Fe- and Co-oxides is in reasonable agreement with the measured value in this study.