The complex structural and magnetic studies of the annealed rapidly quenched Cu-free Fe72Ni8Nb4Si2B14 alloy (metallic ribbons form) are reported here. Based on the calorimetric results, the conventional heat treatment process (with heating rate 10 °C/min and subsequent isothermal annealing for 20 min) for wound toroidal cores has been optimized to obtain the least lossy magnetic properties (for the minimum value of coercivity and magnetic core losses at 50 Hz). For optimal conditions, the complex permeability in the 104–108 Hz frequency range together with core power losses obtained from magnetic induction dependence up to the frequency of 400 kHz was successfully measured. The average and local crystal structure was investigated by the use of the X-ray diffraction method and the transmission electron microscopy observations and proved its fully glassy state. Additionally, for the three temperature values, i.e., 310, 340 and 370 °C, the glass relaxation process study in the function of annealing time was carried out to obtain a deeper insight into the soft magnetic properties: magnetic permeability and cut-off frequency. For this type of Cu-free soft magnetic materials, the control of glass relaxation process (time and temperature) is extremely important to obtain proper magnetic properties.