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5Mo- and 9Cu-4Mo-Permalloys containing about 80- percent Ni were cold-rolled to tapes 8 μ in thickness and annealed below the recrystallization temperature. Hard cold-rolling of these Permalloys developed the easy axis with high squareness, and the hard axis with low residual induction. Induced anisotropy energy for 9Cu-4Mo-Permalloy tapes was reduced to erg/cm3by the annealing, without decrease of squareness value along the easy axis or increase of residual induction along the hard axis. However, for 5Mo-Permalloys the squareness value along the easy axis was reduced by annealing. In 5Mo-Permalloy tapes containing 80-percent Ni and 9Cu-4Mo-Permalloy tapes containing 73-percent Ni, applied tension did not affect the magnetic properties measured after the annealing. The influence of the cube-texture, which was developed in an intermediate annealing, disappeared after the annealing at about 500°C.