Co-Pb nanowire arrays with an average diameter of 20nm and lengths up to several micrometers were grown in ordered anodic alumina templates using AC electrodeposition. The as-deposited samples were annealed at different temperatures. The structure and magnetic properties of Co-Pb nanowires were analyzed by X-ray diffraction and a vibrating sample magnetometer. We found that the sample annealed at 700℃ had large perpendicular coercivity Hc (as high as 2660 Oe) and high squareness (MR/Ms) (about 0.97), which was much larger than that of pure Co nanowires annealed at 700℃ (2170 Oe, 0.9). The change in coercivity and squareness associated with the microstructure was discussed.