Investigation of magnetization dynamics of low-damping ferromagnetic layers is of paramount interest for the realization of spin-based electronic devices. Here, we report the effect of surface oxidation on the structural properties, magnetization reversal and spin dynamics of Co40Fe40B20 (CFB) films. X-Ray diffraction results show that both as-deposited and annealed CFB layers up to 250 °C exhibit an amorphous state. Partial crystallization of CoFe is observed in CFB films above 350 °C. Magnetization reversal curves measured using longitudinal magneto-optic Kerr effect indicate a characteristic square loop along the easy axis for all samples. Ferromagnetic resonance (FMR) results show that the resonance field (Hr) shifts due to changes in the structural phase or microstructure. FMR linewidth (ΔH) is linear for both as-deposited and all annealed CFB above 10 GHz, whereas anomalous behaviour in ΔH as a function of frequency is observed below 10 GHz frequency for annealed thin films. The extracted damping parameter manifests extrinsic contributions in the annealed samples compared to the as-deposited. Angular-dependant FMR results show ΔH and Hr exhibit opposite trends in CFB film annealed at 450 °C due to the presence of inhomogeneities. It suggests the signature of two-magnon scattering in the 450 °C annealed CFB. Our systematic study helps in the understanding of the effect of annealing on the crystallinity and magnetization dynamics in CFB thin films. © 2023