Recently developed nanocrystalline magnetic systems are of considerable interest fundamentally as well as technologically. One such material is Fe73.5B9Si13.5Cu1Nb3, which can be produced by heat treating the amorphous precursor. This forms a noncrystalline phase with typical dimension of 350 A as determined by neutron diffraction. Small angle neutron scattering (SANS) has been employed to investigate the properties of the nanocrystallized material over the temperature range from 10 K to 725 K, a regime where no significant structural changes are expected to occur. In zero field and low temperature (10K) we obtained an isotropic scattering pattern. The application of a relatively modest field to sweep out the domains changed the scattering to a "butterfly wings" pattern typical of patterns dominated by magnetic elastic intensity. Up to 450 K this pattern changed only modestly, while for substantially higher temperatures the ratio of inelastic to elastic scattering increased rapidly as the magnetic phase transition of the intergranular component (≃ 575 K) was approached. Triple axis inelastic measurements showed that the majority of the magnetic inelastic scattering was from the nanocrystalline phase.