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Magnetically exchange coupled SrFe12O19/Fe-Co composites with different mass percentage of Fe-Co were synthesized through an ex situ process. The morphology, magnetic properties, and crystallization of SrFe12O19/Fe-Co composites were investigated. Lower mass percentage of Fe-Co presented an even distribution of Fe-Co nanoparticles on the surface of SrFe12O19, and effective magnetic exchange coupling between Fe-Co and SrFe12O19. Higher mass percentage of Fe-Co leads to an agglomeration of Fe-Co nanoparticles on SrFe12O19 surface, and a weak magnetic exchange coupling between Fe-Co and SrFe12O19. This ex situ process proposed a new method to synthesize magnetically exchange coupled SrFe12O19/Fe-Co core/shell composites with precise control of the magnetic properties. This method can also be potentially used for other hard/soft magnetic composite synthesis.