Cu-Fe-Cr in-situ composite wires were manufactured by cold drawing and Fe-Cr fibers were extracted from them．The microstructure of composite wires and fibers were observed by SEM, and the magnetic property of the composite wires and Fe-Cr fibers were tested by VSM,and then the hysteresis loops were determined．It shows that the composite wires had magnetic anisotropy paralleling to the long axis of wires; the M_r and the H_c of the wires increased with deformation increasing; the M_s of fibers was 150emu·g-1,whose fibers may be used as an electro-magnetic wave absorbing material．