Differential scanning calorimetry, X-ray diffraction, and room temperature Mössbauer spectrum measurements of Fe73.5Cu1Nb3Si13.5B9 (Finemet) alloy have been carried out in order to study its structural and magnetic properties as a function of annealing temperature. The Mössbauer spectra of annealed Finemet alloy could be fitted with 4 or 5 sextets and one doublet at higher annealing temperatures, revealing the appearance of different crystalline phases corresponding to the different Fe sites above the crystallization temperature. The appearance of the nanocrystalline phases at different annealing temperatures was further confirmed by the recoilless fraction measurements. These made use of our recently-developed dual absorber method, which made it possible to determine precisely the recoilless fractions of the amorphous, nanocrystalline and grain boundary phases separately.