The synthesis of monodispersed 10 nm cobalt nanocrystals with controlled crystal morphology and investigation of the surface stability of these nanocrystals are described. Depending on the surfactants used, single crystalline or multiple grain nanocrystals can be reproducibly produced. The relative surface stability of these nanocrystals is analyzed using the temperature dependences of the dc magnetic susceptibility. The novel method, which allows sensitive monitoring of the surface stability, is based on the observation that, with particle oxidation, an anomalous peak appears at 8 K in zero-field-cooled magnetization measurements. It is found that the surfactant protective layer is more important for long-term stability at room temperature, while the hightemperature oxidation rate is controlled by the crystal morphology of the nanoparticles.