This work investigated the microstructure, magnetic properties, and crystallization kinetics of the as-spun and annealed alloy ribbons of (Fe40-xCoxNi40Si6.33B12.66Cu1) 0.97Nb0.03, where x = 0, 6, 7, 8, 9, prepared using the melt-spinning method. The results show that adding a moderate amount of Co can improve the glass forming ability (GFA), the first peak crystallization temperature, and thermal stability of the as-spun alloy ribbons. With x = 7, the two-stage crystallization temperature interval Delta Tx = 90 exhibits optimal thermal stability, and the alloy annealed at 673 K for 10 minutes shows the favorable combined magnetic properties, with Hc = 0.12 A/m, Ms = 88.7 A & sdot;m2/kg, and mu e = 13800. The magnetic domain results show that annealing removes numerous pinning points in the magnetic domains of the alloy ribbons, making the domain walls smoother and effectively reducing the pinning effect.