In this work three alloys, Fe74Nb6B20, Fe64Ni10Nb6B20 and Fe54Ni20Nb6B20, were obtained by mechanical alloying to analyze the influence of Ni content on Fe–Nb–B alloy formation. Structural analysis by X-ray diffraction (XRD) confirms that partial substitution of Fe by Ni favours the formation during milling of a more disordered structure. Furthermore, thermal stability study was performed by differential scanning calorimetry (DSC) because thermally induced structural changes can affect soft magnetic behaviour. After 40 h of milling time, all DSC curves show several exothermic effects on heating associated to structural relaxation and crystallization. All alloys present a crystallization process with associated activation energy values ranged between 238 and 265 kJ mol–1 related to the crystalline growth of the bcc-Fe rich phase. In alloys with Ni, a second crystallization process appears at temperatures over 500°C with activation energies 397 (10% Ni alloy) and 385 kJ mol–1 (20% Ni alloy) probably associated to the nucleation and crystalline growth of a new phase.