The invention discloses a nanocrystal magnetically soft alloy with high processing property and high saturation magnetic induction strength, and a preparation method therefor, and belongs to the technical field of a new material. The chemical formula of the nanocrystal magnetically soft alloy is FeBSi<c>Cu<d>C<e>M<f>Z<g>, wherein M is at least one kind of elements Co or Ni; Z is at least one kind of elements Al, Cr, Mn, Ti, Nb, Ta or Mo; a, b, c, d, e, f and g are atomic percentage contents of corresponding elements, and satisfy the formula as follows: a+f is greater than or equal to 80 and less than or equal to 84; b is greater than or equal to 10 and less than or equal to 15; c is greater than or equal to 0 and less than or equal to 6; d is greater than or equal to 1.6 and less than or equal to 2.2; e is greater than or equal to 0 and less than or equal to 2; f is greater than or equal to 0 and less than or equal to 5; and g is greater than or equal to 0 and less than or equal to 2. The alloy is formed by uniformly dispersing an <alpha>-Fe phase, which is obtained by heat treatment of amorphous stripes and has the crystal grain sizes of less than 50nm, into residual amorphous phase tissues, wherein the saturation magnetic induction strength is greater than 1.7T, and the coercivity is less than 15A/m. The alloy has no volatile phosphorus element; in addition, the heat treatment process is simple, and high temperature-rise rate is not required; the heat treatment temperature range and the thermal insulation time range are wide; industrial production can be realized easily; and the nanocrystal magnetically soft alloy and the preparation method therefor are convenient to popularize and use.