Phase constitution and soft magnetic properties of nanocrystalline alloy of composition Fe 72.5 Cr 1 Nb 3 Cu 1 Si 13.5 B 9 prepared by single roller rapid quenching technique was investigated in this paper. The amorphous nature and the nanocrystal formation of the alloy was determined by X-ray diffraction (XRD) besides the crystallization kinetics was studied by Differential Thermal Analysis (DTA). The annealing temperature was maintained within the range 450 o C to 800 o C for 30minutes. DTA study reveals the existence of two exothermic peaks one for primary crystallization of á Fe(Si) −phase and other for secondary crystallization of Fe 2 B phase. The temperature difference between two crystallization peaks is found to exist ~170 o C. This large temperature gap is an indication of the enhancement of stability of á Fe(Si − phase against detrimental Fe 2 B phase. In the optimized annealing condition, the grain size has been obtained in the range of 10-15 nm. The saturation magnetization (M s ) has been observed 128 Am 2 /kg. In as-prepared condition Curie temperature (T c ) was found 316 o C, close compared to the T c of original FINEMET. Thus, a slight substitution (1 atomic %) of iron (Fe) by chromium (Cr) in original FINEMET enhances the thermo-magnetic stability of the alloy.