Structural and magnetization studies were carried out on Dy 1-x Y x Co 5 [x = 0, 0.2, 0.4, 0.6, 0.8, 1] compounds which crystallize in the hexagonal CaCu 5 -type structure. Lattice parameters and unit-cell volume increase with Y concentration. Large thermomagnetic irreversibility between the field-cooled and the zero-field cooled magnetization data has been observed in all the compounds, which has been attributed to the domain wall pinning effect. Temperature dependence of magnetization data shows that except DyCo 5 and YCo 5 , all the compounds show spin reorientation transitions in the range of 5-300 K. The spin reorientation temperature decreases from 266 K for x=0.2 to 100 K for x=0.8. Powder x-ray diffractograms of the magnetically aligned samples show that DyCo 5 has planar anisotropy at room temperature whereas all the other compounds possess axial anisotropy. The spin reorientation transition has been attributed to a change in the easy magnetization direction from the ab-plane to the c-axis, as the temperature is increased. The anisotropy field and the first order anisotropy constant are found to be quite high in all the compounds except DyCo 5 . The magnetic properties have been explained by taking into account the variations in contributions arising from the rare earth and transition metal sublattices.