The effect of protective coatings on the crystallization of amorphous Co-based alloys was studied using the methods of X-ray diffraction, differential scanning calorimetry, and transmission electron microscopy. The crystallization of the amorphous alloys was studied on as-prepared samples, deformed samples, and deformed samples with a protective coating. After heat treatment, the fraction of the crystalline phase in the pre-deformed samples was higher than in the undeformed samples. When using a protective coating, the fraction of nanocrystals formed during heat treatment increased. The size of the crystals formed in deformed samples was smaller, and in the deformed samples with a protective coating, they were slightly larger than in the corresponding initial samples. The reasons for the differences in the formed structure in the amorphous alloys under study are discussed in terms of free volume.