The effect of hydrogen or/and deformation on internal friction, magnetic after effect, and positron lifetime in amorphous Fe40Ni10P14B6 alloy is investigated over a temperature range from 4 to 400 K. In both, hydrogen charged and cold‐worked and additively hydrogen charged specimens, an internal friction peak is found at 205 K, and a corresponding magnetic after‐effect peak at 163 K. Both peaks shift to higher temperature after aging at 340 K. The strength of the magnetic relaxation depends on the amplitude of the cold work.