The paper represents storage modulus and internal friction modulation upon cyclic loading of Zr61Cu27Fe2Al10 bulk metallic glassy samples within quasi‐reversible deformation regime. The structure of the samples was studied by X‐ray diffraction and transmission electron microscopy including high‐resolution imaging and selected‐area electron diffraction. It is found that kinetically frozen anelastic deformation accumulates on mechanical cycling at room temperature and causes an increase in the storage modulus and even nanocrystallization of a metallic glassy phase after a certain number of cycles. The study has shown that even a minor cyclic deformation in an elastic region can lead to the changes the atomic structure and in turn affect the elastic modulus.