Magnetic properties of nanocrystalline Ni and Ni-Fe alloys produced by electrodeposition have been studied at 2K and at 298K. Ni and Ni-15%Fe alloy deposits show nano-grain structure with the average grain size of 23 nm and 12 nm, respectively. Both materials exhibit soft magnetic properties. Nanocrystalline Ni at 2K shows saturation magnetization, coercive force, and remanent magnetization of 57 emu/gr, 101 Oe, and 16 emu/gr respectively. Nanocrystalline Ni-15%Fe alloy exhibits superior soft magnetic properties than Ni with corresponding saturation magnetization, coercive force, and remanent magnetization at 2K of 96 emu/gr, 6 Oe, and 4 emu/gr respectively. The magnetic properties and their dependence upon temperature data are interpreted in terms of the Herzer random anisotropy model for nanocrystalline materials.