The Laves phase that consists of Fe and rear earth elements, is known as the alloy showing high magneto-striction. In particular, the alloys with Nd and Pr have been theoretically predicted to show the highest amount of magneto-striction. The Laves phase, however, has never been formed in equilibrium because of the incompatibility of atomic sizes in the rear earth element and Fe. In the present experiment, it was succeeded to form directly high amount of Laves phases from the undercooled melts of the materials where the some amounts of Nd and Pr were substituted respectively to Dy and Tb using the technique of containerless processing combined with splat quenching. It can be concluded that the technique, containerless processing combined with splat quenching, is a well-applicable method for forming a meta-stable phase as well as a peritectic phase.