Nanocrystalline Fe-based alloys of Finemet are here investigated. These ferromagnets were prepared by annealing amorphous ribbons and have excellent soft magnetic properties. Ribbons prepared by zero-field annealing and by annealing in longitudinal or transverse magnetic fields are considered. A comparison is made between the anisotropic effects induced at room temperature by applying external stresses and those induced by the magnetic fields applied during the production process. The analysis is performed through the characteristics of the hysteresis loops, the distribution function of the anisotropy fields together with measurements of the initial complex permeability and of the magnetoresistivity. The results have been interpreted on the basis of the random anisotropy model.