In the present work the effect of substituting Mo with Nb on the glass forming ability and corrosion resistance of Fe-Co-Cr-M-Si-B-Y (M=Mo, Nb) ribbons with high corrosion resistance is investigated. The X-ray powder diffraction pattern indicates that the alloy containing both Nb and Mo presented greater glass forming ability than the alloy containing either of these elements separately. The results obtained indicate that Mo is more effective in enhancing corrosion resistance than the Nb in 4.0 M HCl solution. The alloy containing both Nb and Mo presented greater overall corrosion resistance than the alloy containing only one of these elements.