The giant magneto-impedance (GMI) properties of FeNiCrSiB/Cu/FeNiCrSiB sandwiched ribbon were studied. The results show that the sandwiched ribbon has remarkable GMI effects. The maximum values of the longitudinal and transverse GMI ratios are 282% and 408%, respectively, at the frequency of 0.5 MHz. The orientation of 180 degrees stripe domains tend towards the ribbon axis. Due to the transverse closed magnetic flux loop of sandwiched ribbon, a 10 degrees deflection of stripe domains to the transverse direction is observed. Besides, the relationship of magneto-resistance, magneto-inductance, and effective permeability to GMI were analyzed. It is found that in the frequency range of 40 Hz similar to 10 MHz, the magneto-inductance plays a decisive role. It is attributed to the special sandwiched structure, which reduces energy losses, improves effective permeability significantly and then enhances magneto-inductance effect. The magneto-inductance effect controlled by effective permeability is the principal feature of the GMI.