Abstract In this work magnetic properties, magnetoimpedance (MI) and field sensitivity (η) of rapidly solidified (Fe0.7Co0.3)80B19M1 (M = B, Al, Si & Cu) ribbons have been investigated in the frequency range 0.5 – 13 MHz. Present study shows replacement of boron (B) by a nonmagnetic element (Al, Si or Cu) can alter the thermal stability, soft magnetic and magnetoimpedance properties of the (Fe0.7Co0.3)80B20 ribbons. It is found that saturation magnetization reaches the largest value for Cu-containing sample and the smallest value for Al-containing sample. The MI studies show maximum MI ratios 30% at 5 MHz, 23% at 7 MHz, 26% at 3 MHz and 39% at 4 MHz for M = B, Al, Si & Cu respectively. Variation of MI with external magnetic field shows single peak behavior of Al-content ribbon over the entire frequency range, whereas for all other samples single peak converted to double peak at higher frequency, which indicates existence of stronger longitudinal magnetic anisotropy in Al-containing ribbon. The MI variation with magnetization, M and damping constant, α is also validated through numerical simulations using standard electrodynamics models. Present study reveals that the variations of MI response are associated with formation of soft magnetic phase and development of anisotropy with replacement of B by an additional element.