A typical body-centered cubic (BCC) CoFe(110) peak was discovered at approximately 2θ = 44.7°. At 2θ = 46°, 46.3°, 47.7°, 55.4°, 54.6°, and 56.4°, the Yb2O3 and Co2O3 oxide peaks were visible in all samples. However, with a heat treatment temperature of 300 °C, there was no typical peak of CoFe(110). Electrical characteristics demonstrated that resistivity and sheet resistance reduced dramatically as film thickness and annealing temperatures increased. At various heat treatments, the maximum hardness was 10 nm. The average hardness decreased as the thickness increased, and the hardness trend decreased slightly as the annealing temperature was higher. The highest low-frequency alternative-current magnetic susceptibility (χac) value was discovered after being annealed at 200 °C with 50 nm, and the optimal resonance frequency (fres) was discovered to be within the low-frequency range, indicating that the Co40Fe40Yb20 film can be used in low-frequency applications. The maximum saturation magnetization (Ms) was annealed at 200 °C for 50 nm. Thermal disturbance caused the Ms to decrease as the temperature reached to 300 °C. The results show that when the oxidation influence of as-deposited and thinner films is stronger than annealing treatments and thicker thickness, the magnetic and electrical properties can be enhanced by the weakening peak of the oxide, which can also reduce interference.