NdFeCo magnetic powder was prepared by the process of smelting, high-energy ball milling and oxidation heat treating. The effects of oxidation heat treatment and Co content on phase composition and microwave absorbing properties of NdFeCo magnetic powder were investigated by an X-ray diffractometer (XRD) and vector network analyzer. The minimum reflectivity of Nd23.25Fe36.75Co40 powder before oxidation heat treatment was -6.2 dB, and that of oxidized powder decreased to -14.0 dB. The microwave absorbing properties of NdFeCo magnetic powder could be improved effectively by oxidation heat treatment. With the increase of Co content, the Fe2O3 reduced and the Nd2O3 increased; Fe3Co7 phase appeared when the content of Co increased to 40% (mass ratio); the absorption peak was found to move towards lower frequency region first, and then it moved towards a higher frequency region. Nd23.25Fe66.75Co10 powder had better comprehensive properties in absorbing microwave in the frequency band of 3-13 GHz. The value of minimum reflectivity and absorption peak frequency, when the coating thickness (d) was 1.8 mm, were -19.7 dB and 4.8 GHz, respectively.