Melt spun ribbons of Co₆₄Fe₄Ni₂B₁₉Si₈Cr₃ alloy have been prepared and the nanocrystallization process was carried out by the heat treatment of the as spun ribbons above the crystallization temperature. Structural studies of the samples have been performed by transmission electron microscopy and X-ray diffraction. Magnetic properties of the samples and magnetoimpedance measurements were investigated and it was revealed that magnetic properties and magnetoimpedance of the samples deteriorate by the formation of nanocrystalline phases.