A low temperature synthesis method using a modified polyol process is employed to synthesize FePt nanoparticles even at 393 K. The composition could be controlled using the above process by varying the reaction conditions to obtain Fe50Pt50 nanoparticles at 473 K. The magnetic properties of the fcc-FePt nanoparticles indicate that they are not completely superparamagnetic in spite of the smaller particle size.