Cast, sub-rapidly solidified and rapidly solidified Al-5Fe alloy and Al-5Fe-3Y alloy were respectively prepared by vacuum melting, suction casting and melt spinning. The effect of increasing cooling rate and adding rare earth Y alloy on microstructures and phase composition were investigated. The results showed that the acicular Al3Fe phase transferred to spherical phase and dispersed secondary precipitations were also found when 3.0 wt% Y was added in the Al-5Fe alloy. Meanwhile, the microstructures were apparently refined by the increasing of cooling rate. The metastable phase A16Fe and intermetallic compound A110Fe2Y phase have been observed in Al-5Fe alloy and Al-5Fe-3Y alloy, respectively.