In this research work, iron-based bulk metallic glasses (BMGs) have been fabricated, characterized and compared with Fe-Si alloy. BMG alloys of composition ((Fe0.6Co0.4)0.75B0.20Si0.05)96Nb4) were synthesized by suction casting technique using chilled copper die. Effect of copper and zirconium addition on magnetic, mechanical, thermal and electrochemical behavior of ((Fe0.6Co0.4)0.75B0.20Si0.05)96Nb4 BMGs was investigated. Furthermore, effect of annealing on nano-crystallization and subsequently on magnetic and mechanical behavior was also analyzed. Amorphousness of structure was evidenced by XRD analysis and microscopic visualization, whereas nano-crystallization behavior was identified by peak broadening of XRD patterns. Magnetic properties, measured by vibrating sample magnetometer, were found to be improved for as-cast BMG alloys by copper addition and further enhanced by nano-crystallization after annealing. Mechanical properties were observed to be increased by zirconium addition while slightly declined by copper addition. Potentiodynamic polarization analysis manifested the positive role of zirconium in enhancing corrosion resistance of BMGs in acidic, basic and brine mediums. Moreover, mechanical properties and corrosion analysis results affirmed the superiority of BMG alloys over Fe-Si alloy.