Abstract: The present teaching is generally directed to soft magnetic alloys. In particular, the present teaching is directed to soft magnetic alloys including Samarium (“Sm”). In a non-limiting embodiment, an Sm-containing magnetic alloy is described including 15 wt % to 55 wt % of Cobalt (“Co”), less than 2.5 wt % of Sm, and 35 wt % to 75 wt % of Iron (“Fe”). The Sm-containing magnetic alloy may further include at least one element X, selected from a group including Vanadium (“V”), Boron (“B”), Carbon (“C”), Chromium (“Cr”), Manganese (“Mn”), Molybdenum (“Mo”), Niobium (“Nb”), Nickel (“Ni”), Titanium (“Ti”), Tungsten (“W”), and Silicon (“Si”). The Sm-containing magnetic alloy may further have a magnetic flux density of at least 2.5 Tesla.