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YCo5 alloy is processed by surfactant-assisted high-energy ball milling. Oleic acid is used as the surfactant and is 20％ of the starting powder.The resultant particles are flakes of several microns in length and width,and 20-200nm in thickness. The flakes have significant crystallographic anisotropy and the c-axis (also easy magnetization axes) is perpendicular to the flakes surface. Maximum coercivity of 192kA/m is obtained in the sample milled for 100 min.Excess milling results in the appearance of Fe and deteriorates the permanent magnetic properties seriously.