The structural and magnetic properties of Y60Fe30Al10 melt‐spun ribbons have been studied in this work. Fully amorphous alloys were obtained after melt‐spinning at higher speeds (>15 m/s). Ribbons melt‐spun at lower speeds consisted of a mixture of amorphous and crystalline yttrium. The yttrium crystallites in the ribbon melt‐spun at 5 m/s possessed a strong crystallographic texture. The crystallization of the amorphous phase led to the formation of a mixture of crystalline yttrium and a ternary Y–Fe–Al phase. By Mössbauer study, the quadrupole splitting and isomer shift of the amorphous phase increased with decreasing melt‐spinning speed, indicating a possible change in microstructure. The magnetization curves of Y60Fe30Al10 ribbons could be described with superparamagnetism, suggesting that iron‐rich clusters might be present in the amorphous phase.