Ultrafine cobalt–nickel bimetallic phosphides were prepared by mild hydrothermal method and characterized by techniques, such as XRD, EDS, and TEM. The results showed that the as-prepared products were well crystallized and particle sizes ranged from 10 to 20 nm. With the increasing amount of Ni2+ in the suspensions, the crystallinity of obtained products was improved gradually and the crystallite sizes increased accordingly.