The magnetization study of Fe67Co18B14Si1has been carried out along with the structural relaxation effects, through Mossbauer spectroscopy and hysteresis studies. The variation in the hyperfine parameters up to an annealing at 573 K for two hours finds an explanation in terms of the changes in both the topological and chemical short range orders. Similarly the decrease in the coercivity has also been explained in terms of the annealing out of the flux pinning centers. However the samples annealed at 573 K and 473 K showed large coercivities which may be attributed to the presence of cobalt.