Copper-Nickel (CuNi) nanostructured alloy particles were produced by Ultrasonic Spray Pyrolysis and Hydrogen Reduction Method (USP-HR) from high purity copper and nickel nitrate aqueous solutions. The effect of the precursor solution in the range of 0.1 and 0.5 mol/L on the morphology and crystallite size of CuNi nanoparticles were investigated under 2 h running time, 700 degrees C operating temperature and 0.5 L/min H-2 flow rate. Particle size, morphology, composition and crystallite structure were characterized by Scanning Electron Microscopy (SEM), Energy Dispersive Spectroscopy (EDS) and X-Ray Diffraction (XRD). Particle characterization studies show that nanostructured alloy particles have cubic crystal structure and they are in submicron size range with spherical morphology. The crystallite sizes of the particles calculated with Scherrer formula are 40 and 34 nm and average particles sizes observed from the SEM images are 300 and 510 nm for each experiment respectively.