The influences of stress introduced by winding tension on the deformation factor (df) and dynamic magnetic properties of Fe73.5Si15.5B7Cu1Nb3 nanocrystalline toroidal cores were systematically investigated. The magnitude of winding tension was adjusted by changing the number of NdFeB disk magnets on the transmission path of the ribbons. The results reveal that df becomes larger with the increase of winding tension, indicating that the shape of toroidal core becomes more difficult back to its initial state. It is found that the core loss P0.3T/100kHz will double when the number of NdFeB magnets increases from 0 to 6, demonstrating that winding tension could increase the core loss significantly. According to the loss analysis, the increment of core loss with winding tension mainly ascribe to the increase of the excess eddy current loss. XRD and TEM results imply that the grain size of annealed toroidal cores is not clearly tuned by winding tension. Through discussions, it is considered that stress-induced anisotropy and dynamic domain motion are the main reasons to the variation of dynamic magnetic properties with winding tension. These results are meaningful in the practical application of nanocrystalline materials.