Heat-resistant Al-8.5Fe-1.3V-1.7Si alloys were prepared by spray forming technique. The effect of temperature on microstructure and mechanical properties of the alloys was studied by optical microscope(OM), transmission electron microscope(TEM) with energy dispersive spectrometer(EDS), X-ray diffraction(XRD), differential scanning calorimeter(DSC) in this paper. The research results show that the microstructure of the material doesn’t change obviously after being hold for 3 hours at 420°C temperature. When the temperature is over 420°C, the second coarse phases are found in the alloy. The study on the microstructure of the alloy exposed at 400°C for 100 hours shows that the alloy has excellent high temperature stability. And the main second phase in the alloy is spherical a-Al12(Fe,V)3Si, with a little other phases such as Al13Fe4, Al6Fe, Al9FeSi3 and so on.