The magnetic aftereffect and the positron lifetime were measured at room temperature in the Fe73.5Cu1Nb3Si13.5B9 alloy under as-quenched condition and under the conditions annealed at a range of temperatures ta from 450 °C to 750 °C respectively. It was found that both the magnetic after-effect and the positron lifetime decrease monotonically with increasing ta if ta&le600 °C. When ta≥650 °C, magnetic aftereffect is essentially suppressed and two positron lifetimes appear. The results show that the magnetic aftereffect is mainly contributed by the amorphous phase in the materials because there are a lot free volume in the amorphous phase.