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© the Owner Societies 2015.Using a controllable wet chemical approach, the polyol process, we developed a cobalt carbide nanomagnet consisting of an assembly of Co2C and Co3C nanoparticles as an alternative to rare earth permanent magnets (PMs). The thermodynamically stable mixed phase cobalt carbide nanoparticles are shown to be acicular in morphology. Their exchange-coupled magnetic interaction possessing high maximum energy product of 20.7 kJ m-3 and room temperature coercivity (2.9 kOe) has been confirmed through vibrating sample magnetometer (VSM) and first order reversal curves (FORCs). These metastable carbide nanoparticles offer improved magnetic properties compared to their pure bulk form. An understanding of the formation mechanism, using in situ time-resolved X-ray spectroscopy (TR-XAS), and the correlation between phase contributions to the properties are described in detail. Our strategy presents a controllable route to preparing the cobalt carbide nanomagnets, which could be potentially useful in permanent magnet clean energy applications. Additionally, the in situ apparatus offers a promising way to directly explore the effects of reaction variables for high-temperature wet chemical reactions.