The melt-spun nanocrystalline ribbons of Fe86.5Zr7B4Cu2.5 alloy were prepared by single wheel technique with wheel surface velocity of 37 m/s. It is found that there appears a lot of α-Fe nanoparticles with sizes of 5-10 nm in as-spun nanocystalline ribbons which exhibit giant magnetoimpedance (GMI) effect. The GMI ratio up to 33.69 % at frequency f=1 MHz under a DC field of 5 172 A/m can be obtained.
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