In this work, we prepared Fe-Ni alloy nanopowders by wire electrical explosion in deionized water and ethanol. Particles size and morphology of the as-synthesized nanoparticles prepared in water and ethanol were observed by transmission electron microscopy. In both cases, the as-synthesized nanoparticles were in nearly spherical shape and their size distribution was broad. The particles prepared in the water were in core-shell structure due to the oxidation of Fe element. X-ray diffraction was used to analyze the phase of the nanopowders. It showed that the nanopowders prepared in water had γ-Fe-Ni solid solution and FeO phase. The samples obtained in ethanol were in two phases of Fe-Ni solid solution, γ-Fe-Ni and α-Fe-Ni. Bulk samples were made from the as-synthesized nanopowders by spark plasma sintering at 1000 oC for 10 min. Structure of the bulk sample was observed by scanning electron microscope. Magnetic properties of the as-synthesized nanopowders and the bulk samples were investigated by vibrating sample magnetometer. The hysteresis loop of the assynthesized nanopowders and the sintered bulk samples revealed a ferromagnetic characteristic.