The structural and magnetic properties of granular Co–In_2O_3 nanocomposite films formed by vacuum annealing of In/Co_3O_4 film bilayers at a temperature of 550°C have been investigated. The synthesized Co–In_2O_3 films contain ferromagnetic cobalt nanoclusters with an average size of 60 nm and a magnetization of ~340 emu/cm^3 surrounded by the In_2O_3 layer and exhibit the thermally activated conductivity.