This paper reports the effect of film thickness and rapid thermal annealing on the spin reorientations in Tb-Fe films grown on flexible polyimide substrates. Magnetization studies indicated that the spins reorient from in-plane to out-of-plane direction with increase in film thicknesses. This was confirmed by magnetic force microscopy studies which showed weak featureless contrast for films deposited with lower thickness and a strong out-of-plane contrast for films grown with higher thicknesses. On subsequent rapid thermal annealing all the Tb-Fe films exhibited in-plane magnetic anisotropy. The results were explained based on competition between uniaxial and shape anisotropies, nature of residual stresses as well as nucleation of crystalline Fe phase in an amorphous Tb-Fe matrix on rapid thermal annealing. © 2017 Elsevier B.V.