The Fe-Mo sample mechanically alloyed for 250 h under air atmosphere was exposed to a series of isothermal and isochronal treatments with the aim to follow changes in the structure and magnetic properties regarding relaxations of strains and defects and stability of chemical composition. For this purpose x-ray diffraction, positron annihilation, scanning and transmission electron microscopy, and Mössbauer spectrometry were applied and supplemented by magnetic measurements. The temperatures for the magnetic studies were selected from the thermomagnetic curve of the as-prepared sample. The time interval of isothermal treatments was chosen from 0-300 min.The Mo content in the bcc-Fe(Mo) phase has substantially exceeded the equilibrium solubility limit but it has been found to decrease under the thermal treatment which was reflected by decreasing lattice parameters. The small crystallite size of approximately 10 nm in the initial state starts to grow only after a certain amount of strains induced by severe deformation, due to mechanical alloying being released. This was also reflected in the magnetic parameters. From their time dependences at selected temperatures the characteristic relaxation times were obtained and used for a calculation of the activation enthalpy of relaxation processes.