In this study, enhancement of glass forming ability (GFA) as well as mechanical and magnetic properties of a Fe-based bulk metallic glass (BMG) was investigated with minor addition of Cu. The obtained results revealed that appropriate addition of Cu could significantly improve GFA of the base BMG. Furthermore, the mechanical properties of the investigated BMG were improved by the addition of 25 at.% Cu due to the positive heat of mixing between Cu and Fe atoms, decreasing the free volume and density of porosities. Therefore, the relatively good and comprehensive properties of the BMG containing 0.25 at.% Cu were exhibited; also, as a result of an excellent combination of good GFA (ΔTx = 48 K), microhardness (1425 HV), failure strain (εf = 2.1%), and failure strength (σf = 4400 MPa) was created it as a promising candidate for engineering applications. Furthermore, the magnetic measurements revealed that ferromagnetic properties of this Fe-based BMG decreased with the addition of 0.25 at.% Cu, but increased significantly with the addition of 0.5 at.% Cu.