Abstract: The research on the properties and structures of FINEMET alloy with different addictive elements has attracted a lot of interest worldwide due to the increased demand of high quality soft magnetic materials.The effect of the different substituting alloying elements on the properties and nanostructures of FINEMET alloy has been reviewed in this article.The influence of different heat treatment methods and varied additions of alloy elements on soft magnetic properties of FINEMET alloy has also been discussed in the article.In order to further reduce the cost and improve the performance,properly designing of composition and heat treatment are required.