Amorphous $Fe_{68.5}Co_5M_3Cu_1Si_{13.5}B_9(M=Nb, Mo, Mn, Cr)$ alloys were prepared by using rapidly quenching techinque and were annealed above their crystallization temperatures. Coercive force, initial permeability and AC power loss of the annealed $Fe_{68.5}Co_5M_3Cu_1Si_{13.5}B_9(M=Nb, Mo, Mn, Cr)$ alloys have been studied systematically. Nanocrystallines are formed in the annealed alloys which include Mo and Nb. Remarkably improved soft magnetic properties are obtained in the alloys whose average grain size is around 10 nm. However, soft magnetic properties of the alloys are degraded when grain size is less than IOnm or larger than 15nm. It is considered that the degradation of soft magnetic properties in the alloys whose average grain size is less than 10 nm is due to the Fe-rich amorphous phase retained at grain boundary during the initial crystallization process.