X-ray photoelectron spectroscopy (XPS) and time-of-flight secondary ion mass spectrometry (ToF-SIMS) were used to study the surface composition and electronic structure of Finemet, Fe 73 Si 15.8 B 7.2 Cu 1 Nb 3 , in the original amorphous state and after gradual heating in vacuum to a temperature of 400• C and cooling back to room temperature. It was found that relaxation processes occurring during heat treatment well below the crystallization onset caused the physico-chemical state of Finemet surface to change irreversibly. In the relaxed alloy, the surface originally covered with the native air-formed oxide was significantly enriched with elemental iron and depleted of other alloy constituents compared with the original state. Yet in the as-quenched state, clustering of copper atoms on the Finemet surface was detected which was enhanced by heating. The thermal treatment resulted in the selective reduction of iron oxides and caused noticeable changes in the valence band structure and the Fe L 3 VV Auger spectrum associated with atomic redistribution.