The impact of post-processing on soft magnetic properties and the giant magnetoimpedance (GMI) effect of Fe- and Co-based glass-coated microwires is evaluated. A remarkable improvement of magnetic softness and GMI effect is observed in Fe-rich glass-coated microwires subjected to stress annealing. Frequency dependence of GMI ratio of stress-annealed Fe-rich microwires has been discussed considering frequency dependence of the skin penetration depth, δ, as well as magnetic anisotropy distribution within the metallic nucleus. Annealed and stress-annealed Co-rich microwires present rectangular hysteresis loop and single and fast domain wall propagation. However, Co-based stress-annealed microwires present high magnetoimpedance ratio. Observed stress-induced anisotropy and related changes of magnetic properties are discussed considering internal stresses relaxation and “back-stresses”.