The synthesis of cobalt-based magnetic nanostructures using DC arc discharge technique with varying arc current is reported here. The structural, morphological, compositional and magnetic properties of thesenanostructures were studied as a function of applied arc current. Various techniques like X-ray diffraction, transmission electron microscopy, EDAX and vibrating sample magnetometry were used to carry out this studyand the results are reported here. The results clearly indicate that for a given oxygen partial pressure, an arc current of 100A favours the formation of unreacted cobalt atomic species. Also change in arc current leads to variationin phase, diversity in morphology etc. Other property changes such as thermal changes, mechanical changes etc. are not addressed here. The magnetic characterization further indicates that the anisotropy in shape plays a crucial role in deciding the magnetic properties of the nanostructured materials.We have quantified an interesting result in our experiment, that is, for a given partial pressure, 100A arc current results in unique variation in structural and magnetic properties as compared to other arc currents.