Fe_(68)Zr_(20)B_(12) amorphous alloy was prepared by mechanical alloying(MA)method and annealed at different temperatures.Microstructures and magnetic properties of Fe_(68)Zr_(20)B_(12) alloys as-milled and annealed at 693,843,943 and 993 K were studied.The raw powders(Fe,Zr,B)formed b. C.c.α-Fe solid solution at early stages of MA and then transformed into amorphous alloy.Grain size(D)of Fe_(68)Zr_(20)B_(12) alloys increases with increasing annealing temperature and keeps at nanometer level.The specific saturation magnetization(σ_s)increases with increasing annealing temperature from 300 K to 943 K,and then decreases with annealing temperature at 993 K because of the precipitation of Fe3B.