The magnetic character of Pd40FexNi40−xP20, a metallic glass where x=17.5, is experimentally studied over a temperature range of 10–375K. Hysteresis and temperature-dependent magnetization measurements derived from superconducting quantum interference device magnetometry on the amorphous alloy provide insight into the role of applied magnetic field on magnetic phase formation during the nanocrystallization process. Specifically, the microstructure of the melt-spun form of Pd40(Fe,Ni)40P20 is discussed in correlation to the observed superparamagnetic and spin-glass behavior. Despite the extremely high quenching rate used to synthesize the alloy, this composition shows evidence of chemical segregation on the nanoscale in the as-solidified state.