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Plastic deformation of some magnetic transition metal–metalloid metallic glasses has been studied through Mössbauer spectroscopy and other magnetic measurements. Present studies clearly indicate generation of structural defects throughout the volume of the specimen. The elastic stress field associated with these defects results, through magnetoelastic coupling, in deterioration of soft magnetic properties and a change in the alignment of atomic spins in the sample. Cold rolling results in a decrease in the average interatomic distance. Possible origin of the roll‐induced magnetic anisotropy has been discussed. The apparent contradiction with earlier studies is interpreted in terms of the defect structure in amorphous alloys.