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Zn0.5Co0.5O solid solution materials have been extensively studied for possible spintronic applications, however, there are only a few reports using Zn0.5Co0.5O nanostructures for energy storage. Here, we report the preparation of Zn0.5Co0.5O nanoparticles with the average particle size 10 nm and their application as anode material for rechargeable Li-ion batteries (LIBs). Electrochemical measurements demonstrate that the Zn0.5Co0.5O solid solution nanoparticles deliver a stable reversible capacity of 309 mA h g-1 up to 250 cycles at 1 C rate. These results show higher-rate capability and better cycle durability compared with those of the reported ZnO or ZnO-based anodes.