The relationship between coercivity and structure in nanocrystalline (Fe 1− x Co x ) 86 Hf 7 B 6 Cu 1 (x=0–1) alloys was surveyed. It was found that the increase of Co content in the alloys studied was accompanied by the increase of coercivity. However, we suggest that the factors influencing the coercivity change with the concentration of cobalt in these nanocrystalline alloys. In the iron-rich alloys, the average grain size and magnetostriction play predominant roles in the coercivity. On the other hand, in the case of cobalt-rich alloys, the coercivity mostly originates from the FCC-Co phase with large magnetocrystalline anisotropy and the weak exchange coupling between BCC-Fe(Co) and FCC-Co(Fe).