Annealing of Fe65Pr9B22W4 alloy ribbons results in changes of magnetic properties. Heat treatment causes the formation of hard magnetic and paramagnetic phases. For the short-time annealed samples the dominant is paramagnetic Pr1+xFe4B4 phase. Crystallite sizes and unit cell parameters changes with annealing temperatures. Coercivity increase with the increase in size of defects present in the samples.