Fe-based bulk metallic glasses with good soft magnetic softness, high strength and relatively low material cost should have greatest potential for wide variety of applications among many kinds of bulk metallic glasses (BMGs). However, the glass-forming metal elements such as Al, Ga, Nb, Mo and so forth in the Fe-based BMGs significantly decrease saturation magnetization (Js) which is a essential property as soft magnetic materials. Since the coexistence of high Js and high glass-forming ability (GFA) has been earnestly desired from academia to industry, however, has been left unrealized over many years. Here, we present a Fe76Si9B10P5 bulk glassy alloy exhibiting with unusual combination of high Js of 1.51 T comparable to the Fe-Si-B amorphous alloy ribbons with thickness of about 25 μm in now practical use, because of not-containing the glass-forming metal elements, and high GFA leading to a rod with a diameter of 2.5 mm. This alloy composed of familiar and low-priced elements also has extremely low coercivity which should enable ultra-high efficient transformers, therefore, has a great advantage for engineering and industry, and thus significantly improves energy saving, conservation of earth resources and environment.