The nearly stoichiometric Fe-Co alloy is well known as soft magnetic materials with high saturation magnetization and Curie temperature. However, the application is restricted by its brittleness and poor machinability. For this reason, we studied the rolling process of this alloy. Firstly, the effect of final thickness of hot rolling on the cold rolled samples showed that there was little difference for these cold rolled samples, and the thinner hot rolling samples were not so easy to crack during the cold rolling. Secondly, the soft magnetic properties were found to be better under the 1050 water quench when we studied the influence of different solution temperature on soft magnetic properties. Thirdly, with the increase of annealing time, grain size and soft magnetic properties of 1J22 alloy increased, whereas mechanical properties decreased.