We have used Mössbauer spectroscopy to study the magnetic properties of amorphous Fe40 Ni 40P14B6 (Allied Chemical METGLAS 2826). Spectra were taken at temperatures from 4.2 K to 1000 K. The amorphous state is preserved up to 670 K at which temperature we observed a rapid transforamtion into the crystalline state. For the as‐quenched sample at 300K, the spectra show that magnetization lies in the plane of the ribbon and predominantly along the ribbon direction. At temperatures between 240 K and 77 K the magnetization direction is a strong function of temperature—first tilting and significantly out of the plane of the ribbon and then moving back closer to the ribbon plane. The magnetic spectra consist of broadened 6‐line patterns. The spontaneous magnetization shows a significantly more rapid decrease with temperature than does the magnetization of crystalline Fe or Ni. Above the sharply defined Tc=537 K, the spectra consist of doublets indicative of quadrupole splitting as expected. In the crystalline state the material consists of two distinct magnetic phases with ordering temperatures of 425 K and 750 K. This information plus x‐ray measurements and the values of other parameters in the Mössbauer spectra allow us to identify the phases as Fe.55 Ni .45 and (Fe,Ni)3P.7B.3.