Thermal stability, crystallization and magnetic properties of Fe80P11C9, Fe80P9B2C9, and Fe77Al3P9B2C9 glassy alloys were investigated. The relationships of glass-forming ability (GFA) with thermal properties and crystallization, magnetic properties with crystallization were also discussed. The variation trend of GFA for these glassy alloys is in agreement with the reduced glass transition temperature. The annealing experiment shows that the primary precipitation phase both for the Fe80P11C9 and Fe80P9B2C9 glassy alloys is α-Fe, and the addition of small amounts of Al is effective for suppression of the formation of α-Fe phase, resulting in the extension of supercooled liquid region and significant enhancement of GFA. The activation energy for primary crystallization calculated by Kissinger's equation indicates the addition of B in Fe–P–C alloy or Al in Fe–P–B–C alloy makes nucleation more difficult, which is responsible for the enhancement of GFA. In addition, it was found that the crystallized Fe80P9B2C9 specimen with ultrafine α-Fe grains exhibits high saturation magnetic polarization of up to 1.60T and low coercive force of about 3.0A/m.