The processes of phase transformation in individual nanoparticles of FePt and FePtCu synthesized by the reverse micelle method, which are chemically homogeneous and monodisperse, have been investigated by an in-situ HREM observation in a FE-TEM. Polycrystalline FePt particles, initially of chemically disordered face-centered cubic phase (A1) were reconstructed into A1 single crystals between 25 °C and 650 °C, followed by phase transformation from A1 to chemically ordered face-centered tetragonal phase (L10) which began between 650 °C and 680 °C. The coalescence began concurrently with phase transformation, i. e., between 650 °C and 680 °C. They turned to be a round-shaped L10 particle between 680 °C and 720 °C. The single crystal formation, the phase transformation from A1 to L10, the coalescence and the round-shaped particle formation were also observed in the FePtCu nanoparticles. The temperatures of single crystal formation, phase transformation (and coalescence) and round-shaped particle formation of the FePtCu nanoparticles were between 25 °C and 500 °C, between 550 °C and 600 °C and between 600 °C and 650 °C, respectively. These temperatures were substantially lower than those for the FePt nanoparticles.