Melt-spun ribbons of (Fe 0.65 Co 0.35 ) 88 Zr 7 B 4 Cu 1 alloy have been prepared at different wheel speeds, namely, 47, 39, 34, and 17 m/s, and subsequently annealed at 773 K (500°C) under controlled atmosphere. Structural and soft magnetic properties have been evaluated using X-ray diffraction, differential scanning calorimetry, transmission electron microscopy, and vibrating sample magnetometer. The structure of as-spun ribbons changes from fully amorphous to partially amorphous/nanocrystalline to fully nanocrystalline (bcc a-Fe(Co) + Fe 2 Zr) on decreasing the wheel speed. Annealing of amorphous ribbons leads to the precipitation of nanocrystalline bcc a-Fe(Co) phase. The Curie temperature (T c ) of the amorphous phase is found to increase with decreasing wheel speed possibly due to the effect of exchange field penetration of nanocrystals present in the amorphous matrix. The saturation magnetization (4pM s ) of as-spun ribbons having partially nanocrystalline bcc a-Fe(Co) phase is high as compared to the ribbons with completely amorphous phase, and it remains almost the same even after annealing. The lowest coercivity has been achieved in the ribbons that are fully amorphous, and the coercivity was found to increase with decreasing wheel speed.