Conventional physical metallurgy approaches to improve soft ferromagnetic properties involve tailoring chemistry and optimizing microstructure. Alloy design involves consideration of induction and Curie temperatures. Significant in the tailoring of microstructure is the recognition that the coercivity, (H-c) is roughly inversely proportional to the grain sine (D-g) for grain sizes exceeding similar to 0.1-1 mu m (where the grain size exceeds the Bloch wall thickness, delta), In such cases grain boundaries act as impediments to domain wall motion, and thus fine-grained materials are usually harder than large-grained materials, Significant recent development in the understanding of magnetic coercivity mechanisms have led to the realization that for very small grain sizes D-g < similar to 100 nm, H-c decreases sharply with decreasing grain size, This can be rationalized by the extension of random anisotropy models that were first suggested to explain the magnetic softness of transition-metal-based amorphous alloys. This important concept suggests that nanocrystalline and amorphous alloys have significant potential as soft magnetic materials. In this paper we have discussed routes to produce interesting nanocrystalline magnets. These include plasma (arc) production followed by compaction and primary crystallization of metallic glasses. A new class of nanocrystalline magnetic materials, HITPERM, having high permeabilities at high temperatures have also been discussed.