Magnetic properties were investigated for the alternately deposited film of C 60 and Co which has found to exhibit tunnel magnetoresistance (MR) of 10-80%. Magnetic field and temperature dependences of magnetization showed typical superparamagnetic behaviors with the blocking temperature of 40 K. The magnetization curve at 300 K was well fitted by the Langevin function with the size distribution of Co particles, and the mean diameter and size distribution were evaluated to be 3.1 nm and $1 nm, respectively. Based on the magnetic properties, the structure and magnetotransport properties are discussed in details.