This paper reveals that a partial replacement of Fe by Ni (5%) and/or Ag (2%) in amorphous Fe <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">85-x</sub> Ag <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">x</sub> Ni <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">5</sub> Zr <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">10</sub> (x = 0 and 2) alloys leads to the shift of T toward room temperature (RT) (T <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">C</sub> = 308 and 303 K for x = 0 and 2, respectively). Basing on isothermal magnetization data, the magnetic entropy change (ΔS <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">m</sub> ) of the amorphous alloys was calculated. Their maximum ΔS <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">m</sub> values (|ΔS <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">max</sub> |) achieve just around RT, corresponding to the ferromagnetic-paramagnetic (FM-PM) phase transition of the amorphous phase. Under a magnetic field change of 10 kOe, |ΔS <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">max</sub> | values are ~1 J · kg <sup xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">-1</sup> · K <sup xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">-1</sup> . We have also used different methods, such as the modified Arrott plots, the Kouvel-Fisher method, and critical isotherm analysis to study their critical property around the FM-PM phase transition. Our results suggest that the amorphous Fe <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">85-x</sub> Ag <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">x</sub> Ni <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">5</sub> Zr <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">10</sub> alloys exhibit a second-order magnetic phase transition with the critical exponents of β = 0.389-0.396 and y = 1.279-1.334 close to those expected for the 3-D Heisenberg model. This proves the existence of short-range FM interactions in these alloys.