Al-8 mass%Fe, Al-8 mass%Fe-0.7 mass%Zr, Al-8 mass%Fe-2 mass%Ce and Al-8 mass%Fe-2 mass%Ce-0.7 mass%Zr alloys were solidified into a ribbon shape at cooling rate of about 105°C/s by twin roller technique. Assolidified microstructures have two categories, zone A and zone B depended on the cooling rate. Zone A composed of fine metastable intermetallic compounds dispersed in supersaturated Al solid solution. Zone B had cellular structure and cell bounderies composed of fine metastable compounds Al6Fe in Al-Fe and Al-Fe-Zr alloys and stable compound Al8CeFe4 in Ce added alloys. The Vickers hardness of two zones in Al-8 mass%Fe binary alloy are reduced by heating at 350°C for 1 hr, but in Ce or Zr added ternary alloys the hardness are reduced by heating at higher temperatures than 350°C. Tensile strengths of the as-solidified ribbon specimens are about 58kgf/mm2 in Zr added alloy and about 63kgf/mm2 in Zr and Ce added alloy, and they depend on the fraction of zone A and zone B.