A study has been made on the microstructure and mechanical properties of rapidly solidified Al-Fe-(Mo,Si) alloys. Examination of the extruded bar using TEM reveals the microstructure to be inhomogeneous along with the bimodal distribution of precipitates. It is believed that. such inhomogeneous microstructure is caused by the structural difference between zone A and zone B in the starting powder. The tensile testing shows an increase in tensile strength but a decrease in elogation as the content of iron in the alloy increases. It has been found that decrease in elongation can be prevented by the addition of Si to Al-8Fe-2Mo alloy. For the elevated temperature mechanical properties, all extruded specimens with 8% iron show tensile strength of 180-190㎫ at 573K, but their elongation values were decresed with incresing the test temperatures, reaching a minimum at around 423 K.