The thermal stability of mechanically alloyed amorphous Al-Fe-based alloy powders, with nominal compositions Al82Fe16Ce2 and Al82Fe14Mn2Ce2, was investigated using differential scanning calorimetry (DSC), X-ray diffraction (XRD), and scanning electron microscopy (SEM) complemented by energy-dispersive X-ray spectroscopy (EDX). Analysis through DSC indicated that both Al82Fe16Ce2 and Al82Fe14Mn2Ce2 alloys undergo a two-stage crystallization process. Notably, the initial crystallization temperatures for the Al82Fe16Ce2 and Al82Fe14Mn2Ce2 alloys were determined to be approximately 525 °C and 550 °C, respectively. This high thermal stability is attributed to the delayed nucleation process induced by the presence of Ce and Mn within the Al-Fe matrix. During polymorphic crystallization, distinct phases such as β-AlFe, Al13Fe4 for Al82Fe16Ce2, and β-Al(Fe, Mn), Al13Fe4, Al10CeMn2 for Al82Fe14Mn2Ce2 were identified. Furthermore, post-annealing of these amorphous alloy powders at elevated temperatures of 600, 700, and 800 °C led to distinct morphological outcomes based on the alloy composition. For Al82Fe16Ce2, the particles preserved a nearly spherical morphology, with size distributions ranging from 1 to 5 μm. In contrast, for Al82Fe14Mn2Ce2, the particles exhibited an irregular shape with a broader size range of 1 to 15 μm.