Magnetic core materials with low loss, high saturation magnetization, large permeability, and operating frequency above 1 MHz are in high demands for the next generation of miniaturized power electronics. Amorphous FeHfB ribbons with thickness around 20 μm have been fabricated through melt-spinning. Different heat treatments were performed on the FeHfB ribbons, and the relations among heat treatments, microstructure, and magnetic properties have been explored. Properties such as coercivity (Hc) of 2.0 Oe and saturation magnetic flux density (BS) of 1.2 T have been achieved in samples with exchange coupling. The losses can be minimized by balancing the hysteretic and eddy current losses and can be further reduced with additional magnetic field annealing. At 5 MHz with peak magnetic flux density of 20 mT, the materials show core losses comparable to the best ferrites, but with higher permeability value of about 200 and superior saturation induction of more than 1 T.