The crystallization process in an Fe 48 Cr 15 Mo 14 C 15 B 6 Tm 2 metallic glass has been investigated by means of nanobeam and selected area electron-diffraction techniques. We found that the first crystallization reaction proceeds through a complicated nanoscale process, that is, amorphous→ -FeCrMo-like long-period structures→ -FeCrMo→ M 23 C 6 . A long-period structure began forming as an extended structure of medium range order; its periodicity gradually changed with the growing stage on annealing, and the structure finally changed into -FeCrMo. The common structural unit among these structures was found to be an atomic coordination polyhedron with a coordination number of 16. On the basis of the results, we discuss the phase stability of the Fe 48 Cr 15 Mo 14 C 15 B 6 Tm 2 metallic glass as well as its local atomic arrangements.