The structural and magnetic properties of sputtered CoNbZr alloy films were investigated. In the as-deposited $Co_{87.0}$N $b_{8.5}$Z $r_{4.5}$ film deposited at 2 mTorr and 130 W, we observed the minimum coercivity of 1.75 Oe, the maximum resistivity of 3000 $mu$Ω.cm and permeability of 1095 at 100 MHz. As the Ar pressure or the RF input power increased, the permeability of films at 100 MHz decreased and the coercivity increased because of the development of columnar structure and the formation of unstable amorphous phase. Permeability lower than 100 and coercivity of 60 Oe were observed in film deposited at 1 mTorr or 190 W due to the formation of crystalline phase. Magnetic anisotropy field of as-deposited films could be reduced by rotating field annealing for 120 minutes at 30$0^{circ}C$. After the annealing, the anisotropy field (Hk) decreased from 1.43 Oe to 0.3 Oe and the permeability increased from 1095 to 1345 because defects in as-deposited films were eliminated by the annealing.aling.