Al-20Si-5Fe melt was rapidly solidified into particles and ribbons and then consolidated to near full density by hot pressing at 400°C/250 MPa/1 h. According to the eutectic-growth and dendritic-growth velocity models, the solidification front velocity and the amount of under-cooling were estimated for the particles with different sizes. Values of 0.43-1.2 cm/s and 15-28 K were obtained. The secondary dendrite arm spacing revealed a cooling rate of 6×105 K/s for the particles with an average size of 20 μm. Solidification models for the ribbons yielded a cooling rate of 5×107 K/s. As a result of the higher cooling rate, the melt-spun ribbons exhibited considerable microstructural refinement and modification. The size of the primary silicon decreased from approximately 1 μm to 30 nm while the formation of iron-containing intermetallic compounds was suppressed. Supersaturation of the aluminum matrix in an amount of ～7 at.% Si was noticed from the XRD patterns. During the hot consolidation process, coarsening of the primary silicon particles and precipitation of β-Al5FeSi phase were observed. Evaluation of the compressive strength and hardness of the alloy indicated an improvement in mechanical properties due to the microstructural modification. Al-20Si-5Fe melt was rapidly solidified into particles and ribbons and then consolidated to near full density by hot pressing at 400 ° C / 250 MPa / 1 h. According to the eutectic-growth and dendritic-growth velocity models, the solidification front Velocity and the amount of under-cooling were estimated for the particles with different sizes. Values ​​of 0.43-1.2 cm / s and 15-28 K were obtained. The secondary dendrite arm spacing revealed cooling rate of 6 × 105 K / s for the particles with an average size of 20 μm. Solidification models for the ribbons yielded a cooling rate of 5 × 107 K / s. As a result of the higher cooling rate, the melt-spun ribbons exhibited considerable microstructural refinement and modification. The size of the primary silicon decreased from approximately 1 μm to 30 nm while the formation of iron-containing intermetallic compounds was suppressed. Supersaturation of the aluminum matrix in an amount of ~ 7 at.% Si was noticed from the XRD patterns. During the hot consol idation process, coarsening of the primary silicon particles and precipitation of β-Al5FeSi phase were observed. Evaluation of the compressive strength and hardness of the alloy indicates an improvement in mechanical properties due to the microstructural modification.