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The Fe–15Ni–3Al–1Ti ribbons are produced by melt-spinning the annealed ingots at 10–40 m/s. The annealed ingots consist of Fe 3 Ni grains and α-Fe-type grain boundary phase, forming a columnar grain microstructure in the vertical direction and getting the maximum saturation magnetic polarization (J s) of 1.88 ± 0.03 T in the cross-section. Before and after the annealing, the ribbons form a cellular structure composed of the Fe 3 Ni intragranular phase and γ-(Fe, M), Fe 7 Ni 3 , or α-(Fe, M) cell boundary phases. Formation of enhanced <100> orientation is the primary mechanism for obtaining a high J s of 2.35 ± 0.07 T in the ribbons. The grain and grain boundary size of the ribbons is reduced by the phase transformation induced by annealing at 600 °C. The phase transformation processes of the ribbons before and after annealing are as follows: L → γ → m e l t − s p u n Fe 3 Ni + γ 1 → a n n e a l e d Fe 3 Ni + Fe 7 N i 3 when melt-spinning at a speed of 10–25 m/s, and L → γ → m e l t − s p u n Fe 3 Ni + Fe 7 N i 3 → a n n e a l e d Fe 3 Ni + α − (Fe , Ni) at 40 m/s. Finally, the multiscale microstructure evolution models are used to summarize the phase transformation process of the alloys. [ABSTRACT FROM AUTHOR]