Laves phases of NdFe₂, Nd(Fe_(0.5)Co_(0.5))₂ stoichiometry were prepared using a rapid solidification technology. Low temperature magnetic properties show ferromagnetic behaviors for the Nd(Fe_(0.5)Co_(0.5))₂, SmCo₂ and Sm(Fe_(0.5)Co_(0.5))₂Laves compounds while a sort of antiferromagnetism has been suggested for the supposed composition of NdFe₂ alloy. This rapidly solidified NdFe₂ alloy is believed to consist of metastable rhombohedral NdFe_7 phase plus fine particles of Nd-rich phase. Some evidence of phase transition from the mixture of unstable NdFe_7 compound plus Nd-rich to Nd₂Fe_(17) plus Fe-Nd-O phase was obtained after annealing the NdFe₂ alloy. The pseudo-binary Laves compound, Sm(Fe_(0.5)Co_(0.5))₂, exhibits a high coercivity 4 k0e at room temperature with Curie temperature of 400℃ while the Nd(Fe_(0.5)Co_(0.5))₂ compound shows a magnetic moment 3.0∼3.5μB/f.u.