Microstructure and magnetic properties of a nanocrystalline soft magnetic material having composition Co64.5 Fe3.5 Si16.5 B13 Ni1.5 Cu1 has been studied. Amorphous ribbon could be produced by melt spinning unit. DSC analysis showed four distinct crystallization events. Heat treated samples were characterized using XRD and TEM techniques. Co2B, and CoB phases were found to crystallize before magnetic phase a−Co. Addition of copper was proved to have adverse effect on soft magnetic properties.