In Alnico 5, cooling rate c in a magnetic field from 900°C to 600°C and optimum aging time t at 600°C have the relation of log(t) = 0.417 log (c) + 0.884. However the final magnetic properties are highly dependent on the cooling rate. Spinodally decomposed structures of this alloy show that the faster the cooling rate the smaller the size of the FeCo-rich precipitates and the larger the aspect ratio without change of the volume fraction of the precipitates. The length of the long axis of the FeCo-rich precipitates at a given cooling rate is not uniform due to the interconnection of the subsequent precipitates by the magnetic field effect, and this tendency seems to be stronger when the cooling rate is slower. However the length of the short axis of the precipitates is almost the same at a given cooling rate. The length of the short axis l and the cooling rate c in a magnetic field have the relation oflog (l) = 2.385 - 0.317 log (c). Optimum solution treatment temperature of the low-temperature treatment method was 860°C. This method has higher coercive force than that of the high-temperature treatment method. The FeCo-rich precipitates of the specimen were aligned more parallel to the applied magnetic field with little interconnection of the precipitates and have a higher aspect ratio than that of the high temperature treatment specimen.