Amorphous ribbon and rods of Fe75-xMxHf3Y2B20(M=Co, Nb; x=0, 4) alloys were prepared by the melt-spun and copper mold casting method, respectively. The thermal stability, crystallization, melting behavior and soft magnetic properties were investigated by differential scanning calorimetry (DSC), differential thermal analysis (DTA), X-ray diffraction (XRD) and vibrating sample magnetometer (VSM). The results indicate that the thermal stability and glass-forming ability of Fe75Hf3Y2B20 can be obviously increased via the replacement of Fe by 4 at% Nb or Co element, and the amorphous alloys of Fe71Nb4Hf3Y2B20 exhibits wide supercooled liquid region of 75 K, high glass forming ability of 4 mm and high saturation magnetization of 0.97~1.08 T. The amorphous alloy has the high thermal stability, the better glass-forming ability and soft magnetic properties