Metallic glasses possess attractive properties, such as high strength, good corrosion resistance, and superior soft magnetic performance. They also serve as precursors for synthesizing nanocrystalline materials. In addition, a new class of composites having crystalline phases embedded in amorphous matrix is evolving based on selective crystallization of metallic glasses. Therefore, crystallization of metallic glasses and its effects on properties has been a subject of interest. Previous investigations from our research group related to laser assisted crystallization of Fe-Si-B metallic glass (an excellent soft magnetic material by itself) showed a further improvement in soft magnetic performance. However, a fundamental understanding of crystallization and mechanical performance of laser treated metallic glass was essential from application point of view. In light of this, the current work employed an integrated experimental and computational approach to understand crystallization and its effects on tensile behavior of laser treated Fe-Si-B metallic glass. The time temperature cycles during laser treatments were predicted using a finite element thermal model. Structural changes in laser treated Fe-Si-B metallic glass including crystallization and phase evolution were investigated with the aid of X-ray diffraction, differential scanning calorimetry, resistivity measurements, and transmission electron microscopy. The mechanical behavior was evaluated by uniaxial tensile tests with an InstronTM universal testing machine. Fracture surfaces of the metallic glass were observed using scanning electron microscopy and site specific transmission electron microscopy. Fe-Si-B metallic glass samples treated with lower laser fluence (<0.49 J/mm2) underwent structural relaxation while higher laser flounces led to partial crystallization. The crystallization temperature experienced an upward shift due to rapid heating rates of the order of 104 K/s during laser treatments. The heating cycle was followed by termination of laser upon treatment attainment of peak temperature and rapid cooling of the similar order. Such dynamic effects resulted in premature arrest of the crystallite growth leading to formation of fine crystallites/grain (~32 nm) of α-(Fe,Si) as the major component and Fe2B as the minor component. The structural relaxation, crystallization fractions of 5.6–8.6 Vol% with α-(Fe,Si) as the main component, and crystallite/grain size of the order of 12 nm obtained in laser fluence range of 0.39-0.49 J/mm2 had minimal/no influence on tensile behavior of the laser treated Fe-Si-B metallic glass foils. An increase in laser fluence led to progressive increase in crystallization fractions with considerable amounts of Fe2B (2-6 Vol%) and increase in grain size to ~30 nm. Such a microstructural evolution severely reduced the strength of Fe-Si-B metallic glass. Moreover, there was a transition in fracture surface morphology of laser treated Fe-Si-B metallic glass from vein pattern to chevron pattern. Tensile loading lacked any marked influence on the crystallization behavior of as-cast and structurally relaxed laser-treated metallic glass foils. However, a significant crystallite/grain growth/coarsening of the order of two and half times was observed in the fractured region compared to the region around it for the laser-treated partially crystallized metallic glass foils. The simultaneous effects of stress generation and temperature rise during tensile loading were considered to play a key role in crystallite/grain growth/coarsening.