Influence of heat treatment on magnetic properties of amorphous Hf2Co11B alloy was investigated. Hard magnetic phase, characterized by high magnetic anisotropy, appears during crystallization. The highest coercive field equal to 1.86 kOe, was obtained for sample annealed in third crystallization stage. Longer heat treatment at Ta = 650• C leads to decrease in coercive field, which can be the result of excess of the HfCo3B2 phase volume fraction and additionally eutectoid transformation of hard magnetic phase into soft magnetic Co23B6 and fcc-Co. Decrease of volume fraction of hard phase is confirmed by the remanence ratio mr. Value of mr, for Ta = 650• C, is decreasing with annealing time from 0.4 to 0.27 for 30 min and 120 min, respectively. The magnetocrystalline anisotropy constant K1 increases from 2.23 Merg/cm 3 for the amorphous ribbon to 15.84 Merg/cm 3 for the sample annealed at 650• C for 30 min.