Results of XRD and TEM studies of a metastable phase state in Fe73Ti5B19O3 and Fe55Ti16B27O2 films, which is formed upon magnetron deposition under preset conditions, and of the evolution of the state in the course of subsequent annealing at 500 °C for 1, 5, and 9 h and experimental data on the magnetic microstructure and magnetic properties are reported. The annealed films were found to be characterized by a nanocrystalline structure, which is represented by two crystalline phases, namely, the ferromagnetic solid solution αFe(Ti), and nonferromagnetic boride FenB. The Ti content in the films determines the grain size of the αFe(Ti) phase, whereas the content of B localized within the grain boundaries determines the ratio of the volume fractions of amorphous and nanocrystalline phases in the structure. In contrast to the ferromagnetic Fe73Ti5B19O3 films, the Fe55Ti16B27O2 films are superparamagnets both in the deposited state and after annealing at 500 °C for 1 and 5 h because of the higher volume fraction of the amorphous phase in the structure. The 9 h annealing of the Fe55Ti16B27O2 films transfers them into the ferromagnets owing to the development of the amorphous phase crystallization, increase in the content of nanocrystalline ferromagnetic phase αFe(Ti) grains, and realization of exchange interaction between them.