Hot isothermal pressing (HIP) was used to anneal amorphous Fe86B13Cu1 ribbons. It is shown that HIP has important influences on the microstructures and magnetic properties of nanocrystalline Fe86B13Cu1 ribbons. The precipitation of Fe3B phase is suppressed when the pressure is more than 100 MPa. The grain size of α-Fe decreases with increasing the pressure from ambient pressure to 200 MPa. The volume fraction of crystalline α-Fe phase increases with increasing the pressure from ambient pressure to 150 MPa, and then decreases with further increase. The sample annealed by HIP under the pressure of 150 MPa exhibits a high saturation magnetization of 1.94 T and a low coercive force of 12 A/m.