Fe-based bulk amorphous rods of 3 mm in diameter and a composition of Fe41Cr15Mo14C5B6Y2Co7 were produced by copper mold casting. The as-cast amorphous rods contain a small (2%) fraction of pores. To close the pores, samples cut from the amorphous rods were hot isostatically pressed (hipped) at 863 K, which is in the supercooled liquid temperature range between the glass transition temperature and the crystallization temperature of the amorphous phase, and under a pressure of 200 MPa. Microstructure examination of the hipped samples shows that hipping results in an increase of the density of the samples from 7.9 g/cm3 to 8.0 g/cm3, and a decrease of the porosity level from 2 to 1%, and that a very small fraction of unknown crystalline phase form. As a result of these microstructure change caused by hipping, the average room temperature compressive fracture strength of the bulk metallic glass (BMG) decrease from 3500 to 3000 MPa, while the strain to fracture changes little from 1.5% to 1.4%. The mechanisms of the effect of hipping on microstructure and mechanical properties of the Fe-based BMG are discussed.