The polyol process is one of the simple, efficient and productive methods for the synthesis of metal loaded polymer composites. Functional properties of metal-polymer nanocomposites are determined by chemical composition, size and morphology of their particles. Finding effective ways to control the nanoparticle's properties during the polyol process is a crucial task. The effect of molar ratio Mn+/OHPEG on the formation of cobalt loaded metal-polymer nanocomposites during a one-pot two-component polyol process by polyethylene glycol with Mr = 4000 g·mol–1 (PEG) was studied. The PEG-based polyol process and the formation of cobalt nanophase were studied at molar ratios νCo2+/νOH(PEG) = 1:1, 1:10, 1:100 and 1:500 using UV-Vis, diffuse reflectance IR and ATR FT-IR spectroscopy, nanoparticle tracking analysis (NTA), dynamic light scattering (DLS). It was found that PEG can act as a reducing agent and stabilizing matrix for the cobalt nanophase at a ratio higher than Mn+/OHPEG= 1:10. The composition and morphology of Co/PEG nanocomposites were determined by XRD and TEM methods. Two types of spheroid particles with average diameters of 88±55 nm / 8±4 nm and 12±3 nm / 3±1 nm, respectively, represent Co/PEG nanocomposites 1:500 and 1:100. Scaly structures with a diameter of 15±5 nm are formed at a molar ratio of νCo2+/νOH(PEG) = 1:10. An increase in the Co2+ content in the PEG-based polyol process leads to the immobilized cobalt nanophase Co3O4 (1:500), Co0/CoO (1:100), CoO (1:10) in PEG. Co/PEG nanocomposites are hemocompatible. The HC50value depends on the composition and morphology of the nanoparticles.