Amorphous alloys, also known as metallic glasses, exhibit many advanced mechanical, physical and chemical properties. Owing to the nonequilibrium nature, their energy states can vary over a wide range. However, the energy relaxation kinetics are very complex and composed of various types that are coupled with each other. This makes it challenging to control the energy state precisely and to study the energy‐properties relationship. In this brief review, we introduce the recent progresses on studying the enthalpy relaxation kinetics during isothermal annealing, e.g. the observation of two‐step relaxation phenomenon, the detection of relaxation unit (relaxun), the key role of large activation entropy in triggering memory effect, the influence of glass energy state on nanocrystallization. Based on the above knowledge, a new strategy is proposed to design a series of amorphous alloys and their composites consisting of nanocrystals and glass matrix with superior functional properties by precisely controlling the nonequilibrium energy states. As the typical examples, Fe‐based amorphous alloys with both advanced soft magnetism and good plasticity, Gd‐based amorphous/nanocrystalline composites with large magnetocaloric effect, and Fe‐based amorphous alloys with high catalytic performance are specifically described.This article is protected by copyright. All rights reserved