The angular dependence of the incremental permeability and the magnetoimpedance (MI) effect has been investigated in conjunction with the induced magnetic anisotropy in Ni77Fe14Mo5Cu4 wt.% film by thermal treatment in an external magnetic field. The mumetal film was prepared by the rf magnetron sputtering method in Ar atmosphere. The maximum magnetoimpedance ratio (MIR) of the as-deposited sample and the thermally treated sample were 75% and 70%, and the MI sensitivities measured at 36.5 MHz were 29%/Oe and 40%/Oe, respectively. The depth of the double peak in the MIR curve and the transverse incremental permeability ratios (TPR) are directly related to the magnetic anisotropy. The MI sensitivity in the depth of the MI curve in the film improved by the thermal treatment is large enough for magnetic sensor application.