Magnetic powder alloys (Fe92Zr8)96B4 were produced by using a combination of two synthesis techniques, casting and ball milling. Bulk samples were reached from casting while milling yield to powders to induce a homogenized structural phase. The structural analysis confirmed that initially an α-Fe phase (bcc) was formed with space group Im-3m. As the milling time goes from 0 to 36 h, small changes in the lattice parameter were noticed, going from 0.285 nm to 0.287 nm. Magnetic hysteresis loops measurements revealed that the samples are ferromagnetic at room temperature, with a maximum saturation magnetization ~ 161 emu/g for 0 h and~150 emu/g for 36 h. Likewise, the powder samples are magnetically soft at room temperature, with coercive field values below 50 Oe. Finally, through Mössbauer spectroscopy, the ferromagnetic character of the (Fe92Zr8)96B4 alloys was confirmed, where the hyperfine field sites can be associated with Fe-rich regions in which almost all the nearest neighbors are Fe atoms.