Magnetic field annealing-induced grain refinement usually occurs during the crystallization process of amorphous alloys. This work investigates the effects of magnetic field annealing on the microstructure and magnetic properties of crystalline Ce17Fe76Co1Zr0.5B6Mo0.5 alloys. The results indicate that magnetic field annealing below the Curie temperature (TC) of the Ce2Fe14B phase in the alloys reduces the alloy’s grain size. At an annealing temperature of 433 K, the average grain size of alloys decreased from 48.0 nm in the as-spun sample to 27.2 nm in the magnetic field annealing sample. Moreover, magnetic field annealing can effectively reduce the volume fraction of the CeFe2 phase in the alloy. After magnetic field annealing at 433 K, the alloy obtained the optimal comprehensive magnetic properties: the intrinsic coercivity (Hci = 441.1 kA/m), remanence (Br = 0.49 T), squareness (Hk/Hci = 0.53), and maximum energy product ((BH)max) = 35.5 kJ/m3), which were 0.2 %, 16.7 %, 6 %, and 29.1 % higher than the values of the as-spun sample, respectively. Precession electron diffraction (PED) analysis revealed that magnetic field annealing increased strain at grain and phase boundaries and a more uniform grain orientation spread (GOS), promoting recrystallization and grain refinement. This study provides new insights into the grain refinement mechanism of crystalline alloys under magnetic field annealing, contributing to further improving the magnetic properties of Ce-Fe-B magnets.