Abstract Microstructure evolution and phase transformation of metallic glasses (MGs) could occur under heating condition or mechanical deformation. The cross-section of as-cast Zr55Cu30Ni5Al10 MG rod was impacted by the solid particles when subjected to erosion in slurry flow. The surface microstructure was observed by XRD before and after slurry erosion. And the stress-driven de-vitrification increases with the increase of erosion time. A microstructure evolution layer with 1–2 μm thickness was formed on the topmost eroded surface. And a short range atomic ordering prevails in the microstructure evolution layer with crystalline size around 2–3 nm embedded in the amorphous matrix. The XPS analysis reveals that most of the metal elements in the MG surface, except for Cu, were oxidized. And a composite layer with ZrO2 and Al2O3 phases were formed in the topmost surface after slurry erosion. The cooling rate during solidification of MG has a strong influence on the slurry erosion induced nanocrystallization. And a lower cooling rate favors the surface nanocrystallization because of lower activation energy and thermo-stability. Finally, the slurry erosion induced surface nanocrystallization and microstructure evolution result in surface hardening and strengthening. Moreover, the microstructure evolution mechanisms were discussed and it is related to the cooling rate of solidification and the impact-induced temperature rise, as well as the combined effects of the impact-induced plastic flow, inter-diffusion and oxidation of the metal elements.