The invention discloses a preparation method for nickel cobalt metal powders, which belongs to the technical field for preparation of non-ferrous metal metallurgy, powder metallurgy and material preparation. The preparation method is characterized in that nanometer or ultrafine nickel and cobalt metal powders is adopted as a seed crystal, which is mixed with ammoniacal water solution with nickel sulfate, cobalt sulfate, ammonia and ammonium sulfate, the preparation method adopts a hydrometallurgical hydrothermal hydrogen reducing technology and a device thereof, and the nanometer, ultrafine or tenuous nickel powder, cobalt powder and nickel cobalt alloy powder are prepared through the procedures such as ingredient, high-pressure hydrothermal hydrogen reduction, filtration, washing, dryingand the like. The preparation method can be used for the field such as hydrogen storage alloy, galvanization, catalyst, sintering activating agent, magnetic materials, electric conduction slurry, battery materials, wave-absorbing materials, hard alloy, multi-layer porcelain capacitor, powder metallurgy and the like. The preparation method has the advantages of simple raw materials, simple process, short technological process, low manufacturing cost, controllable manufacturing process, high production efficiency, even graininess of metal powders, controllable size and composition and good quality of products.