Recently, researches on the Hardware and Software Co-Design over IP cores have become a new domain. A critical phase in the HW-SW Co-design process is HW-SW Co-Partitioning which decomposing an expected system into hardware or software parts. This paper proposes an innovative 0-1 partitioning algorithm (named 0-1 algorithm) over IP cores which can efficiently partition an expected system into hardware or software parts. The correctness of the 0- 1algorithm is verified here. It?s illustrated that the result of optimization using the algorithm is better than using genetic algorithm, with similar convergence speed. The algorithm has also the advantage that its convergence is quicker than the ILP (Integer Linear Programming) approach.