This study reports detailed microstructural and magnetic characterization of rapidly solidified Ni2(Mn,Fe)Ga heusler alloys processed using the melt spinning technique. Series of Ni50Mn(25-x)Fe(x= 2, 5, 8, 11)Ga25 alloys were prepared by vacuum arc melting and then melt spun at constant wheel speed of 20 m/sec to obtain samples in the form of ribbons. X-ray diffraction analysis of as-cast Ni2(Mn,Fe)Ga alloy with different ‘Fe’ concentrations revealed austenite phase with L21 Heusler atomic order at room temperature. Transmission electron microscopy of melt spun ribbons reveals a precursor tweed structures due to magnetic tweed contrast when the ‘Fe’ concentrations are 8% and 11%. In case of 11% ‘Fe’ substituted alloy martensite phase was found to from at the grain boundary triple junctions. Thermo magnetic measurements determine that, as the ‘Fe’ concentration increases from 2 to 11%; it enhances the magnetic transition temperature from 375 to 403 K.