In order to obtain materials with more ideal GMI effect, (DZ/Z）max, the substitution effects of R (R = Co, Ni and Cr) for Fe in Fe63.5R10Cu1Nb3Si13.5B9 soft magnetic wires have been studied. We found that although the Finemet composition shown excellent GMI effect, the substitution of Co can raise notably the field sensitivity, Q, Ni makes a little improvements of (DZ/Z）max, and Q, and Cr diminishes the undesirable hysteretic effect. In additions, the influence of annealing conditions upon the GMI effect of the best composition Fe63.5Cr10Cu1Nb3Si13.5B9 was also investigated. It indicated that the sample obtained by the ways of Joule heating under the application of suitable tensile stress exhibits 200% and 30%¤Oe for (DZ/Z）max and Q, respectively. This sample can serve as a proper choice for magnetic sensors.