In this paper, we present a theoretical formulation of magnetization dynamics in disordered binary alloys, based on the Kubo linear response theory, interfaced with a seamless combination of three approaches: density functional-based tight-binding linear muffin-tin orbitals, generalized recursion and augmented space formalism. We applied this method to study the magnetization dynamics in chemically disordered FexCo1-x (x = 0.2, 0.5, 0.8) alloys. We found that the magnon energies decreased with an increase in Co concentration. Significant magnon softening was observed in Fe20Co80 at the Brillouin zone boundary. Magnon-electron scattering increased with increasing Co content, which in turn modified the hybridization between the Fe and Co atoms. This reduced the exchange energy between the atoms and softened down the magnon energy. The lowest magnon lifetime was found in Fe50Co50, where disorder was at a maximum. This clearly indicated that the damping of magnon energies in FexCo1-x was governed by hybridization between Fe and Co, whereas the magnon lifetime was controlled by disorder configuration. Our atomistic spin dynamics simulations show reasonable agreement with our theoretical approach in magnon dispersion for different alloy compositions.