The crystallographic and magnetic properties of the sample F $e_{0.8}$ $Co_{0.18}$(BN)$_{0.02}$ synthesized by microwave arc-melting with the maximum power of 3.5 kW have been studied by the methods of an X-ray diffraction and the measurement of the magnetic hysteresis using the vibrating sample magnetometer at room temperature. The samples were prepared in a form of pellet pressed under the pressure of 9,000 N/c $m^2$, rolled coldly, and treated with the different temperatures. The X-ray diffraction pattern of pelleted sample shows that the crystal structure of the sample is bcc as same as that of Fe with a good uniformity. The X-ray diffraction pattern shows that a residual stress, which exists in the sample, is eliminated by final 90$0^{circ}C$ annealing. As rolling rate and heat treatment temperature increases, the saturation magnetization and the remanence of the samples increase whereas the coercivity of the samples shows decrease. Also the saturation magnetization and the remanence of the samples were affected by rolling rate and rolling direction than heat treatment temperature, but the coercivity of the samples was affected by rolling rate and direction as well as heat treatment temperature. This means that a domain wall motion is easy due to elimination of a residual stress and an inclusion which exists in the sample by rolling and heat treatment and a local induced-magnetization easy axis was also formed to parallel to the rolling direction due to creation of the like-atom pairs across the slip plane by rolling......