Fe-based amorphous and nanocrystalline alloys have attracted extensive attention due to excellent soft magnetic properties, such as high permeability, low coercivity Hc and low core loss. With the development of power electronic industry, electrical equipment requires miniaturization and energy saving, which requires Fe-based amorphous and nanocrystalline alloys to have higher saturation magnetization Bs and lower Hc.In this paper, Fe76Ga5Ge5B13-xPxCu1(x=0,3,5,7)ribbons were fabricated using the melt spinning technique, and the effect of annealing temperature on the crystallization processes, microstructure and soft magnetic properties have been studied. It was found that, the substitution of B by P deteriorates the glass forming ability of the alloys, but enhance the thermal stability of the secondary crystallization. Besides, the addition of P refine the grain size and reduces coercivity on the one hand, leading to the optimal coercivity of 1.77 A/m in the x=7 ribbon annealed at 425 ℃. On the other hand, the migration of valence electrons from P to Fe decreases the magnetic moment of Fe in the residual amorphous phase and thus saturation magnetization. In addition, when the content of P is higher than 5 at%, the crystal face (200) of the grains near the surface position is parallel to the surface of the ribbon. But for the grains inside the ribbon, it is the crystal face (110) that runs parallel to the surface of the ribbon. [ABSTRACT FROM AUTHOR]