Core-level photoemission spectroscopy and anomalous x-ray scattering ͑AXS͒ measurements were performed for the Pd 42.5 Ni 7.5 Cu 30 P 20 ͑PNCP͒ excellent metallic glass to investigate the chemical nature and local atomic structure, and the results were compared to those in Pd 40 Ni 40 P 20 and Pd 40 Cu 40 P 20 . The P 2p core levels clearly separate into two states, indicating that the P atoms have two different chemical sites, which is a strong experimental proof for the existence of an elastic inhomogeneity. From the AXS close to the Pd K edge, a specific Pd-P-Pd atomic configuration was observed, which is related to the stable state in the P 2p core levels. All of the core levels measured in PNCP have the deepest binding energies among these glasses, indicating the most stable electronic states. Local structure around the P atoms is discussed by the AXS data and a metastable crystal appeared in a supercooled metallic alloy close to PNCP.