Rapid stress annealing induced changes in structural and magnetic properties in Fe74.5Cu1Nb3Si15.5B6 are reported. Obtained results suggest changes in spin texture with preferred orientation along ribbon axis. Fraction of A site in the DO3 lattice occupied by Si atoms, increases, with increase of applied stress during annealing. Volume fraction of the nanograins up to 60% (exhibiting quite similar mean grain diameter ∼9 nm) is observed. Lattice parameter values suggest that Si content in the nanocrystalline phase is between 14% and 19% and increase of lattice parameter suggests the elongation of the unit cell. Studied stress annealed samples exhibit soft magnetic behavior (coercive field ranging between 4 and 8 Am−1). Stress annealing reduces permeability whereas anisotropy field increases almost linearly exhibiting the induction of uniaxial and perpendicular to the ribbon axis anisotropy. Obtained stress-induced-anisotropy constant values range between 50 and 2,140 Jm−3.