A workable permanent magnetic alloy was studied. Its composition was 65Fe-22Cr-12Co-l Si (in wt%). The temperature dependence of the magnetic saturation moment and the M?ssbauer spectra under room temperature and at about 80K were investigated for the quenched samples as well as those which was the heattreated in magnetic field and aged, the parameters of a spectrum were calculated. It was showed from experiments that the magnetic properties of these two kind of samples were changed in the heating and cooling cycles in measurements. For the aged sample, a paramagnetic phase appeared under room temperature in addition to the ferromagnetic phases, this paramagnetic phase transformed into ferromagnetic phase at low temperatures. An incomplete orientation effect of the magnetic moment was discovered. Finally, the reverse magnetization mechanism and the tentative way of improving coercive force were discussed.