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A new concept of soft ferromagnetic bulk metallic glass (BMG) with self-healing ability is proposed. The specific [Fe₃₆Co₃₆B_19.2Si_4.8Nb₄]_100−x(Ga)_x (x = 0, 0.5, 1 and1.5) BMGs prepared by copper mold casting were investigated as a function of Ga content. The Ga-containing BMGs still hold soft magnetic properties and exhibit large plastic strain of 1.53% in compression. Local melting during shearing produces molten droplets of several µm size throughout the fracture surface. This concept of local melting during shearing can be utilized to produce BMGs with self-healing ability. The molten regions play a vital role in deflecting shear transformation zones, thereby enhancing the mechanical properties.