The effect of heat treatment on the chemistry and structure of an Fe-based bulk metallic glass (BMG) Fe 48 Cr 15 Mo 14 C 15 B 6 Y 2 (SAM 1651) was examined experimentally. Chemical segregation was found in the as-received material, with islands 10 to 200 nm in diameter enriched in Y, Mo, and C and depleted in Fe and Cr, with respect to the surrounding matrix. Heat treatment in the range of 600°C to 800°C caused partial devitrification of the BMG with the formation of nanocrystalline (Fe, Cr) 23 C 6 and (Fe, Cr) 7 C 3 carbides in a matrix of the remaining amorphous phase. The devitrification process followed a primary crystallization route. Amorphous particlefree zones (PFZs) in the devitrified material were found, corresponding to the Y-Mo-rich islands in the fully amorphous SAM 1651. The formation of Cr-rich carbide during devitrification caused the formation of nanometer-sized Cr-depleted zones surrounding the carbide particles, which is detrimental to the corrosion performance of the alloy after thermal exposure.