The effects of heat-treatment with magnetic or non-magnetic field on magnetic properties of gas-atomized MPP dust cores subjected to various cooling processes after annealing were investigated. Upon magnetic-field annealing, ac permeability and core loss decreased with the increase of cooling rate, which were attributed to the generation of inhomogeneous internal stress and anomalous eddy current loss, respectively. It was not observed the formation of ordered phase and the related change in magnetic properties at the cooling stage for MPP dust cores. In MPP alloys, magnetic anisotropy was easily induced through the directional order, and permeability and core loss were changed under the conditions of low cooling rate and magnetic annealing.