The textures and nanomechanical properties of nanocrystalline Fe-50wt%Ni foil fabricated by using an electroforming method were investigated. The as-deposited texture was characterized by major <100>//ND and minor <111>//ND fibre components. Annealing of the as-deposited specimen resulted in the texture change that the <111>//ND fibre texture developed strongly with decreasing <100>//ND intensity. The elastic modulus and hardness were investigated by nanoindentation test, and these experimental results were compared with the theoretical predictions based on an elastic self-consistent (ESC) polycrystal model. Annealing led to an increase in the elastic modulus and a strong decrease in the hardness. At the low ratio of indentation depth to the specimen thickness, the theoretical predictions of the elastic modulus in the sample thickness direction showed a good agreement with experimental results.