This paper compares the performance of two surfactants-triphenylphosphine (TPP) and oleic acid (OA) as a pair of capping agents in the synthesis of magnetic Co nanoparticles (NPs). Magnetic colloids of cobalt NPs are prepared by reducing solute cobalt chloride in the presence of stabilizing agents at a high temperature and characterized by TEM. Infrared spectra reveal that a chemical bond can be formed between O of C=O band and Co atoms while a coordinate bond forms between P and Co atoms around the NPs on the surface. OA binds strongly to the particle surface during synthesis that hinders the particle from growing; the TPP reversibly coordinates neutral metal surface sites that favor rapid growth. We studied the influence of changing the TPP/OA concentration ratio on the particle size distribution and crystallinity of Co NPs. Our results indicate the presence of TPP/OA is able to control particle growth, stabilize the colloidal suspension and prevent the final product from oxidation by air. (C) 2009 Elsevier B. V. All rights reserved.