The magnetic properties of the EuMn0.5Co0.5O3 perovskite synthesized under various conditions are studied in fields up to 140 kOe. The sample synthesized at T = 1500°C is shown to exhibit a metamagnetic phase transition, which is irreversible below T = 40 K, and the sample synthesized at T = 1200°C demonstrates the field dependence of magnetization that is typical of a ferromagnet. Both samples have TC = 123 K and approximately the same magnetization in high magnetic fields. The metamagnetism is assumed to be related to a transition from a noncollinear ferromagnetic phase to a collinear phase, and the presence of clusters with ordered Co2+ and Mn4+ ions leads to ferromagnetism. The noncollinear phase is formed due to the competition between positive Co2+–Mn4+ and negative Mn4+–Mn4+ and Co2+–Co2+ interactions, which make almost the same contributions, and to the existence of a high magnetic anisotropy.