The crystallization process and the magnetization of Cr diluted CoFeB was investigated in both ribbon samples and thin film samples with Cr content up to 30 at. %. A primary crystallization of bcc phase from an amorphous precursor in ribbon samples was observed when the annealing temperature rose to between 421 ˚C and 456 ˚C, followed by boron segregation at temperatures between 518 ˚C and 573 ˚C. The two onset crystallization temperatures showed strong dependences on both Cr and B concentrations. The impact of Cr concentration on the magnetic properties including a reduced saturation magnetization and an enhanced coercive field was also observed. The magnetizations of both ribbon samples and thin film samples were well fitted using the generalized Slater-Pauling curve with modified moments for B (-0.94 μB) and Cr (-3.6 μB). Possible origins of the enhanced coercive field were also discussed. We also achieved a damping parameter in CoFeCrB thin films at the same level as Co40Fe40B20, much lower than the value reported for CoFeCrB films previously. The results suggest a possible advantage of CoFeCrB in reducing the critical switching current density in Spin Transfer Torque Random Access Memory (STT-RAM).