Bimetallic nanoparticles (NPS), composed of two different metals have drawn a greater interest than the monometallic nanoparticles from both scientific as well as technological point of view. Constituting metals and their nanometric size determine the properties of the bimetallic nanoparticles We are making magnetic nanoparticles and we specially focus on iron based nanoparticles. Magnetic nanoparticles are a class of nanoparticle that can be manipulated using magnetic fields. Such particles commonly consist of two components, a magnetic material, often iron, nickel and cobalt, and a chemical component that has functionality. We are using cobalt and ferrite as two components and using 2 thiotic acid as a polymer because it is a protective agent and it helps in forming nanoparticles of good size. In this present work, we are making catalytic NPS for development of CNT. We have synthesized FeCo and CoMn nanoparticles at different ratios by the method called chemical reduction by microwave irradiation. We have characterized our sample by Transmission electron microscopy technique (TEM) and by ultraviolet (UV) visible spectroscopy.