The crystallographic texture and mechanical properties were investigated in a nanocrystalline Fe-50%Ni alloy fabricated by using an electrodeposition method. The as-deposited texture was characterized by strong <100>//ND and weak <111>//ND fibre components, and the occurrence of grain growth resulted in the strong development of the <111>//ND fibre components with the minor <100>//ND fibre components. The elastic modulus and hardness were measured by means of a nanoindentation test. The annealing led the specimen to an increase in the elastic modulus and a strong decrease in the hardness. The elastic modului measured were compared with the theoretic predictions based on an elastic self-consistent (ESC) polycrystal model. The theoretical values of the elastic moduli through the thickness direction in the sample were in a good agreement with the experimental results.