The investigation addresses the bilayer meltspun ribbons in which the positively magnetostrictive layer Fe 77.5Si 7.5B 15 is toward the free surface, while the negatively magnetostrictive layer of Co 72.5Si 12.5B 15 forms the one in contact with the quench wheel. Scanning electron microscopy (SEM) elemental scan showed drastic changes in concentration profiles of Co, Fe and Si across the bilayer, indicating the efficacy of rapid quenching by melt spinning. Crystallization onsets, saturation magnetization and dilatation studies of the single-layered alloys distinctly reflected the properties of the bilayered ribbons. The thermal variation of coercivity below crystallization onset in the case of a bilayer revealed a softening mechanism due to reduction of stresses. Ribbon deflection studies showed interesting results. © Springer Science+Business Media, LLC 2010.