Amorphous Fe67Y33 ribbons were prepared using melt-spinning method and their magnetic, magnetocaloric and critical exponent properties were investigated. The magnetocaloric behavior and the magnetic transition were analyzed in terms of Landau theory around the transition temperature. Good agreement was found between the magnetic entropy (-ΔSM) values estimated by Landau theory and those obtained using classical Maxwell relation. The magnetic transition nature is of a second order from ferromagnetic to paramagnetic states with a Curie temperature of 240 K. Through various techniques such as modified Arrott plots (MAP), Kouvel–Fisher (KF), critical isotherm analysis (CIA) and Windom scaling relation (WSR); the critical exponents (β, γ and δ) were found to be close to those of the long-range mean-field approach. In addition, an autonomous analysis of the critical behavior is presented in terms of the magnetocaloric effect confirming the validity of the mean-field approach.