TEM investigations on crystallization behavior of a Fe 68 C 10.5 Si 4.4 B 6.5 P 8.6 Al 2 bulk metallic glass reveals that the nano-scale fcc Fe phase formed by primary crystallization is homogeneously embedded in the amorphous matrix after heat treatment at 783 K for 30 min. With increasing heat treatment time (783 K for 45 min), a tetragonal Fe 3( C , B , P ) phase encapsulates the primary fcc Fe phase suppressing the growth of the fcc Fe phase. The Fe 3( C , B , P ) phase decomposes into a mixture of orthorhombic Fe 3( C , P ) and tetragonal Fe 3( B , P ) upon further annealing treatment at 783K.