Abstract: In order to investigate the influence of alloy composition on the properties of soft magnetic alloy powders, 6 groups of alloy powders with varying contents of Si, Cr, and Mn were prepared by the water-gas atomization method. The saturation magnetization and coercivity of these alloy powders were characterized employing a vibrating sample magnetometer (VSM). Subsequently, the powder was compacted into magnetic powder cores, and their magnetic properties, insulation resistance, and corrosion resistance were evaluated using an LCR tester, a soft magnetic AC tester, and a salt spray tester. The results indicate that increasing the content of Si and Cr leads to a reduction in saturation magnetization and permeability. However, it significantly enhances coercivity, magnetic loss, insulation resistance, and corrosion resistance. Conversely, the incorporation of Mn into the alloy adversely affects saturation magnetization, permeability, coercivity, and hysteresis loss while improving eddy current loss and insulation resistance.