In this study, novel glassy Co–Fe–Ta–Si–C alloys were prepared by mechanical alloying, (MA) and the influence of annealing treatment and substitution of Fe for Co on glass-forming ability (GFA), thermal stability and magnetic properties were investigated. Quantitative X-ray diffraction (XRD) analysis by the Rietveld method showed that the new Co50Fe25Ta5Si5C15 powders have an enhanced glass formation rate, especially during the early milling stages compared to the Fe-free Co75Ta5Si5C15 alloy. In good agreement with the XRD measurements, the calculated PHSS thermodynamic parameter revealed that the GFA is notably increased for the new powder. Thermal analysis demonstrated a high thermal stability and a rather wide supercooled liquid region (SLR) of 51 K for the Co75Fe25Ta5Si5C15 glassy alloy. The milling process and subsequent annealing treatment remarkably improved the soft magnetic behavior of the Co75Fe25Ta5Si5C15 powder. The results indicated that the Co75Fe25Ta5Si5C15 glass exhibits a slightly higher coercivity (Hc) and a notably larger saturation magnetization (Ms) than the Co75Ta5Si5C15 alloy in the as-milled state. Furthermore, in the relaxed state, the new alloy possesses a markedly lower Hc of 0.96 kA/m and a higher Ms of 108 Am2/kg than Co75Ta5Si5C15 and large number of ssoft magnetic glasy powders prepared before. The influence of milling time and annealing temperature on the evolution of the magnetic properties were discussed in detail.