Bulk metallic glasses--formed by supercooling the liquid state of certain metallic alloys--have potentially superior mechanical properties to crystalline materials. Here, we report a Co(43)Fe(20)Ta(5.5)B(31.5) glassy alloy exhibiting ultrahigh fracture strength of 5,185 MPa, high Young's modulus of 268 GPa, high specific strength of 6.0 x 10(5) Nm kg(-1) and high specific Young's modulus of 31 x 10(6) Nm kg(-1). The strength, specific strength and specific Young's modulus are higher than previous values reported for any bulk crystalline or glassy alloys. Excellent formability is manifested by large tensile elongation of 1,400% and large reduction ratio in thickness above 90% in the supercooled liquid region. The ultrahigh-strength alloy also exhibited soft magnetic properties with extremely high permeability of 550,000. This alloy is promising as a new ultrahigh-strength material with good deformability and soft magnetic properties.