The magnetic and structural properties of ion‐beam and rf sputtered Fe/amorphous FeCrB multilayers were studied as a function of Fe and FeCrB layer thicknesses. The material is magnetically soft [μ (10 MHz)≊2000, Hc≪100 A/m] and has a saturation magnetization ≊1.8 T if the FeCrB layer thickness is larger than 1 nm and the Fe thickness substantially lower than the domain wall thickness in Fe, 55 nm. The magnetostriction is dependent on the ratio of Fe and FeCrB layer thicknesses. Magnetostriction close to zero can be achieved, even after annealing to 350 °C. Domain patterns show the presence of a weak magnetic anisotropy.