The electromagnetic (EM) wave absorption properties of the $Fe_{73}Si_{16}B_7Nb_3Cu_1$ nanocrystalline powder mixed with 5 to 20 vol% of Ni-Zn ferrites has been investigated in a frequency range from 100MHz to 10GHz. Amorphous ribbons prepared by a planar flow casting process were pulverized and milled after annealing at 425 for 1 hour. The powder was mixed with a ferrite powder at various volume ratios to tape-cast into a 1.0mm thick sheet. Results showed that the EM wave absorption sheet with Ni-Zn ferrite powder reduced complex permittivity due to low dielectric constant of ferrite compared with nanocrystalline powder, while that with 5 vol% of ferrite showed relatively higher imaginary part of permeability. The sheet mixed with 5 vol% ferrite powder showed the best electromagnetic wave absorption properties at high frequency ranges, which resulted from the increased imaginary part of permeability due to reduced eddy current.