Amorphous Fe‐Zr powders have been prepared by mechanical alloying in a powder mill. The samples are characterized by x‐ray diffraction, differential scanning calorimetry, and saturation magnetization measurements. The glass forming range reaches from 30 to 78 at. % Fe being much wider than for melt‐spun samples. Eutectic concentrations do not play any role. The results are compared with the glass forming ability predicted by free‐enthalpy diagram calculations based on the Miedema model [A. R. Miedema, Philips Tech. Rev.36, 217 (1976)]. Amorphization by mechanical alloying seems to be a metastable equilibrium process neglecting intermetallic phases. Rather high crystallization temperatures are found in the concentration range which is not accessible by melt spinning.