In this research, nanocrystalline/ amorphous Fe-based alloy has been produced by mechanical alloying. The structural and magnetic and thermal behavior of nanocrystalline Fe70Zr15C15 alloy powders have been studied by investigated. by using X-ray diffraction (XRD), scanning electron microscopy (SEM), vibration sample magnetomer (VSM), differential scanning colorimeter (DSC), respectively. The results of XRD show that with increasing milling time, the crystallite size decreases and the lattice strain increases and by the end of the milling process, the peaks of the elements have become wider. The minimum crystallite size of about 26.6 nm and the maximum amount of lattice strain to about 0.352% were stimated. Based on the SEM images, the powder particles were initially irregular and agglomerated which flatten out over the time. Eventually the particles became more uniform, more homogeneous and the average particle size decreased. Coercivity and saturation magnetization behave nonuniformly during the milling process; after 80h of milling the coercivity reached a mimimum valu 20.56 𝑂𝑒 and by the end of the process (110h), a saturation magnetization value of 145.68 𝑒𝑚𝑢/𝑔 was abtained. Annealing process on the milled sample for 110h at 541℃ led to a reduction of coercivity from 22.41 𝑂𝑒 to 13.76 𝑂𝑒 and also at 744℃ an increase of saturation magnetization from 145.68 𝑒𝑚𝑢/𝑔 to 22.26 𝑒𝑚𝑢/𝑔.