Results obtained in the synthesis, characterization and application as catalyst of cobalt nanoparticles are reported. Cobalt nanoparticles were prepared via reduction method in aqueous solution. Structural characterization was carried out using X-ray diffraction (XRD), morphological studies were performed with a scanning electron microscope equipped with a field emission gun (FE-SEM). A DC-superconducting quantum interference device "SQUID" magnetometer was used to measure the room temperature (RT) magnetic hysteresis cycle in the -5 divided by 5 Tesla (T) mu H-0 magnetic field range as well as magnetization as a function of temperature. This material is constituted by very small primary particles (similar to 2.8 nm radius) which appear amorphous to XRD and have a superparamagnetic behaviour. However, annealing at 773 K and also utilization in the catalytic reactor at the same temperature result in XRD detectable cubic Co nanocrystals. These unsupported cobalt nanoparticles were found catalytically active in the ethanol steam reforming reaction, producing hydrogen with 90% yield at 773 K. These nanoparticles show a better catalytic behaviour compared to those of more conventional Co and Ni based catalysts, due to very low CO and methane production, and with moderate formation of carbonaceous materials. Copyright (c) 2012, Hydrogen Energy Publications, LLC. Published by Elsevier Ltd. All rights reserved.