Ribbon‐form 13% Al–Fe alloy was prepared by a rapid quenching single roller method. The ribbon obtained had dimensions of 50–60 &mgr;m thick, 1–3 mm wide, and a few meters long. The annealing temperature dependence of magnetic, electrical, and mechanical properties were examined from 900 to 1200 °C. After annealing at 1000 °C for one hour in vacuum of 1×10−5Torr, the best magnetic properties were obtained: the saturation magnetostriction was 52×10−6, the coercive force was 0.8 Oe, and the initial permeability was about 500. The electric resistivity was as high as 105–110 &mgr;&OHgr; cm. The ribbon was notably flexible and could be wound around a rod of 0.5 mm diameter.