In the current work, laser thermal treatment of the FeSiB amorphous foil with a single linear laser track was carried out. The resultant microstructure and phase evolution were examined with the aid of x-ray diffraction, differential scanning calorimetry, and site-specific transmission electron microscopy. The laser power was kept constant at 100 W, whereas, laser beam scanning speeds were varied in the range of 500–235 mm/s, generating corresponding laser fluences of 0.42–0.91 J/mm2 on the sample surface. Laser fluences of up to 0.48 J/mm2 structurally relaxed the FeSiB foil, retaining the amorphous structure. Laser fluences of higher than 0.48 J/mm2 led to partial crystallization of FeSiB amorphous foils. The crystallite sizes were in the range of 11–31 nm (laser fluence of 0.49–0.91 J/mm2). α-FeSi formed as a major phase of partial crystallization while its quantity steadily increased from 3.6 to 46 vol. % with laser fluence (laser fluence 0.49–0.91 J/mm2). Fe2B formed in recognizable quantities (≥2%) for laser fluences ≥0.53 J/mm2. Laser fluences leading to structural relaxation and evolution of predominantly α-FeSi phase exerted minimal effects on ratios of intrinsic coercivities to saturation compared to the as-cast FeSiB amorphous foil. On the contrary, formation of Fe2B in significant quantities (≥2%) led to the steady increase in intrinsic coercivities and remanence to saturation ratios as a function of laser fluence indicating a loss in soft magnetic characteristics. Nonetheless, continuous increase in fractions of α-FeSi with laser fluence led to a steady improvement in saturation magnetostriction of the FeSiB foil.