The casting, sub-rapid solidified and rapidly solidified A1-5Fe alloys, with or without rare earth La have been respectively prepared by vacuum melting furnace, suction casting and melt spinning furnace. And the alloys were investigated with OM, TEM and XRD. The results show that the microstructure was apparently refined by the increasing of cooling rate. Meanwhile, the acicular Al3Fe phase transferred to flower-like phase in casting A1-5Fe alloy and the matrix morphology of the alloy also was changed in sub-rapidly solidified Al-5Fe alloy, while 1.5wt% La was added. The metastable phase A16Fe and Al11La3 phase with high melting point were found in Al-5Fe alloy and A1-5Fe-1.5La alloy.