Soft magnetic properties of Fe-based (Fe,Co)-B-Al-M (M=Nb, Mo or Ta) nanocrystalline alloy have been investigated. The alloy obtained directly form the rapid solidification process. Microstructure of the alloy is a mixtu re of ultrafine bcc Fe(Co) nanocrystallines and a small amount of retained amorphous phase. Heat treatment of as-prepared alloys improves soft magnetic properties in high frequency range. ${(Fe_{.85}Co_{.15})}_{70}B_{18}Al_{10}Ta_{6}$ alloy alloy annealed at $500^{circ}C$ for 1 h shows the most improved soth magnetic properties among the alloy examined. Average grain size of the nanocystalline is about 10 nm.