In this study cobalt ferrite-cobalt oxide CFO/CoO nanoparticles were synthesized using hydrothermal chemical method for studying the exchange bias (EB) phenomena: a key parameter for data storage applications. The structural analysis was carried out by Scanning electron microscopy (SEM), X-ray diffraction (XRD) and Energy dispersive spectroscopy (EDS), which confirm formation of platelets like CFO/CoO nanoparticles with appropriate chemical composition of different elements with an average crystallite size of 15 nm. Magnetic study revealed the ferromagnetic behaviour of nanoparticles from (5K-360K) and blocking temperature has found to be above 360 K, which decreases nonmonotonically with increasing the applied field HFC. The field cool (FC) magnetic hystersis (MH) loop studies have revealed that the samples exhibit very large exchange bias effect. The values of exchange bias (HEB) found to be maximum at low temperature and decreases with increasing temperature before vanishing at the blocking temperature. The aim of the study is to determine role of cooling field strength for the exchange bias in magnetically contrasted CFO/CoO nanoparticles suitable for data storage applications.