In a $Co_{67}Fe_{4.5}Nb_{2}Si_{10}B_{15}$ amorphous alloy ribbon the effect to two-step annealing on the soft magnetic properties has been studied. By two-step annealing method which the second annealing at low temperature of $310^{circ}C$ for 2 hours is undertaken after the primary annealing at high temperature above $480^{circ}C$ for 20 minutes at the vacuum state, the coercive force and the squareness are not changed nearly but the initial permeability at d.c. and the effective permeability at a.c. are remark-ably increased compared with the one-step annealing. The maxima of the initial permeability and the effective permeability at 1 kHz after the two-step annealing are 290,000 and 41,000, respectively, which are 30% higher than those of the one-step annealing. The change of magnetic properties with annealing temperature is discussed in terms of the residual stress, the domain size, the cluster and the crystalline phase.