Fe-based amorphous and nanocrystalline alloys are widely used in transformers, electronic information, and aerospace applications due to their high saturation flux density (B s ), high permeability, low iron loss, and low coercivity (H c ). This article briefly introduces soft magnetic materials, gives an overview of the classification, preparation methods, soft magnetic properties, and applications of Fe-based amorphous and nanocrystalline alloys, and reviews the effects of elements such as Fe, Co, Ni, Si, B, P, and Nb in the alloys on the properties of Fe-based amorphous and nanocrystalline alloys such as amorphous forming ability, B s and H c . The challenges and development directions of Fe-based amorphous and nanocrystalline alloys in research are pointed out.