The development of advanced motors and generators for airspace and special power applications requires the use of soft magnetic materials which have high mechanical strength. In the search for these high strength soft magnetic alloys, a great number of investigations have been done in the last decade, and as a consequence, important advances have been obtained. The Fe-Co alloys present excellent magnetic properties and have been indicated as candidate materials for these power applications. In this work a brief review of the work published in the last 30 years in Fe-Co-V alloys is presented, and new routes for research on Fe-Co-X and Fe-Co-V-X alloys (X is an alloy element) are pointed out.