Variations of core loss and coercivity with heat treatment condition have been studied in amorphous ribbon core specimens. All measurements were performed at 10 kHz with a maximum induction of 0.1 T. With increasing annealing time, both core loss and coercivity of core specimens decreased first, reaching minimum values, and increased thereafter. Specimen heat treated in an air showed better soft magnetic properties than those treated in Ar atmosphere. The specimens annealed under magnetic field higher than 6 Oe in radial direction showed reduced core loss and coercivity. The field annealing effects were increased with increasing cooling rate near Curie temperature of the material. The specimen annealed under an applied field in perpendicular direction of the core showed increased coercivity and decreased permeability.