The crystallization behaviour of Ni78Si8B14 metallic glasses has been studied by differential scanning calorimetry, resistivity measurements, X-ray diffraction and transmission electron microscopy. The calorimetric results indicate a simple peaked crystallization exotherm modulated by a preliminary small exotherm. Resistivity measurements confirm the presence of a two-step crystallization process. X-ray diffraction and transmission electron microscopy demonstrate that the crystallization occurs in the following sequence: primary crystallization of nickel followed by the eutectic crystallization of nickel and Ni3B. No metastable crystalline phase formation is obtained either on isothermal or in continuous heating experiments. © 1988.