As inductor technology advances, greater efficiency and smaller components demand new core materials. With recent development of nanocrystalline alloys, soft magnetic properties of these cores can be greatly improved. This investigation focuses on designing a new Fe-based (Fe,Ni,Co)88Zr7B4Cu1 alloy to reduce magnetostriction. In our study, alloys have been processed by arc-melting, melt-spinning, and annealing to produce nanocrystalline ribbons. These ribbons have been analyzed for structure, hysteresis, and magnetostriction using X-Ray diffraction, vibrating sample magnetometry (VSM), and a home-built magnetostriction system, respectively. In addition, Curie temperatures of the amorphous phase were analyzed to determine the best performing, high-temperature material. Fe77Ni8.25Co2.75Zr7B4Cu1 has been developed with a 12 nm crystallite size and a BCC lattice parameter of 2.873 Å. This nanocrystalline alloy has a coercivity of 10 A/m, magnetostrictive coefficient of 4.8 ppm, and Curie temperature of the amorphous phase of 218°C. Recent approaches to design alloys using computational methods will be discussed.