The effects of relaxation and nanocrystallization on magnetic properties of (Fe0.5Co0.5)73.5Si13.5B9Nb3Cu1 ribbons have been investigated. Ribbons were melt-spun at wheel speed of 38 m/s and then annealed at different temperatures. The results indicated that the relaxation processes shift the Curie temperature of amorphous phase to the higher temperatures. It was also found that through crystallization phenomena the saturation magnetization increases due to the super-exchange between Fe and Co atoms in the crystalline phase. A slight variation in magnetization was observed at ¡«700 ¡ãC during heating due to the ordering transition in FeCo system. At early stage of crystalline phase nucleation, coercivity increased due to the rearrangement of the amorphous phase in both structure and chemical composition.