Rapid solidification (RS) combined with following mechanical consolidation of RS powders is considered as a valuable commercial method for the production of a wide range of metallic materials having fine-grained structures. Reported research results for various alloys demonstrate better compositional homogeneity, smaller grain size and relatively fine precipitates distributed homogenously in RS alloys than that for the materials produced by conventional metallurgical processing. The effect of rapid solidification on the microstructure and mechanical properties of selected Al-Fe-Ni-Mg alloys have been investigated. The basic item of the research work was obtaining aluminum PM materials strengthened by highly-dispersed transition metal compounds and aluminum-magnesium solid solution. Rapid solidification (RS) of Al-4Fe-4Ni and Al-4Fe-4Ni-5Mg alloys was performed by means of gas atomizing of the molten alloy and the spray deposition on the rotating water-cooled copper roll. Using typical powder metallurgy (PM) methods, i.e. cold pressing, vacuum degassing and hot extrusion, the RS-flakes were consolidated to the bulk PMmaterials. For comparison purposes, the conventionally cast and hot extruded Al-4Fe-4Ni and Al-4Fe-4Ni-5Mg alloys were studied as well. Mechanical properties of as-extruded materials were examined by compression tests performed at 293 K – 873 K. It was found that relatively high strength of as-extruded PM materials was accompanied by high ductility of samples deformed by hot compression test. Structural observations confirmed beneficial influence of rapid solidification on effective refining of intermetallic compounds, although some inhomogeneity of fine precipitates distribution was observed. Nevertheless, it was considered that an effective increase of the microhardness and strength of tested RS materials mostly result from achieved dispersion of structural components and can be intensified by solid solution hardening due to Mg-addition.