The relations among the phase transformation temperature, supercooling condition, thermal-cycle treatment and the microstructure of solidified Pd40Ni40P20 alloy were studied by fluxing method in this paper. It was found that the number of thermal cycles time of the alloy coated by B2O3 determined the final solidified microstructure, and when the number of cycles reached 26, a metallic glass bulk with 3 mm diameter was obtained. The mechanism of fluxing agent trapping impurities from the alloy melt was discussed and an effective technique of measuring phase transformation temperature change in the alloy sealed inside an ampoule was developed.