(Fe0.76Si0.09B0.1P0.05)99.3−xNbxCu0.7 (x = 0–1.5 at. %) bulk nanocrystalline alloys were prepared to investigate the alloying effects of Nb on glass forming ability, thermal stability, soft magnetic properties, and crystallization behavior. It was found that the amorphous forming ability was greatly improved with the addition of minor Nb. The thermal stability of Nb-containing alloy was significantly improved because the initial crystallization temperature and crystallization activation of the primary phase were obviously better than that of the Nb-free alloy. Further, the larger intervals of two-phase crystallization temperature and the significantly higher activation energy of crystallization of the second phase in the Nb-containing alloys favor the formation of a single α-Fe(Si) nanocrystalline structure. Moreover, Nb-containing alloys exhibit excellent soft magnetic properties, including high saturation magnetization of 1.42–1.49 T, low coercivity of around 1.0 A/m, and high permeability of about 18,000 at 1 kHz, which makes the alloys promising soft magnetic materials for industrial applications.