Fe3Co7 alloy nanowire arrays have been fabricated by direct current electrodeposition of Fe2+ and Co2+ into anodic aluminum oxide (AAO) templates. The phase structure and magnetic properties of the nanowires were studied by transmission electron microscopy (TEM), scanning electron microscopy (SEM), X-ray diffraction (XRD), and vibrating sample magnetometer (VSM). Magnetic measurements show that the coercivity and remanence of the as-deposited Fe3Co7 Alloy nanowires increase dramatically after heat-treatment at 773 K for 2 h, and the nanowire arrays exhibit uniaxial magnetic anisotropy with easy magnetization direction along the nanowire axes owing to the large shape anisotropy. The great difference between practical coercivity and ideal coercivity was also discussed in detail.