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Using X-ray diffraction (XRD) and a vibrating sample magnetometer (VSM), the effects of Sm substitution, wheel speed, and annealing temperature on the phase formation and magnetic properties of (Y1−xSmx)Co5 (x = 0.2, 0.3, 0.4, 0.5) melt-spun ribbons were investigated. The results indicate the following: (1) With the increase in Sm substitution, it was found that (Y1−xSmx)Co5 ribbons are entirely composed of the (Y-Sm)Co5 phase with a CaCu5-type structure. Additionally, the coercivity gradually increases, while the remanence and saturation magnetization gradually decrease. (2) As the wheel speed increases, the (Y1−xSmx)Co5 ribbons exhibit an increasing proportion of (Y-Sm)Co5 phase until reaching a speed of 40 m/s, where they are entirely composed of the (Y-Sm)Co5 phase. Magnetic measurements show that the coercivity (Hcj) and remanence (Br) of (Y0.5Sm0.5)Co5 ribbons increase gradually with increasing wheel speed, while saturation magnetization decreases. The variation in magnetic properties is mainly attributed to the formation of nucleation centers for reversed magnetic domain (2:7 and 2:17 phases); (3) (Y0.5Sm0.5)Co5 ribbons are composed of the (Y-Sm)Co5 phase and a small amount of the Sm2Co7 phase after annealing at 550 °C, 600 °C, and 650 °C. Temperature elevation promotes crystallization of the amorphous phase, resulting in a gradual decrease in coercivity, while the remanence and saturation magnetization exhibit an overall increasing trend. Through continuous optimization of the process, favorable magnetic properties were achieved under the conditions of a 0.5 Sm substitution level, a wheel speed of 40 m/s, and an annealing temperature of 550 °C, with a coercivity of 7.98 kOe, remanence of 444 kA/m, and saturation magnetization of 508 kA/m. [ABSTRACT FROM AUTHOR]