The microstructures and magnetic properties of Zr2Co11 phase prepared by a rapid solidification method and subsequent annealing at 500°C were studied using X-ray diffraction and electron diffraction. At a wheel surface velocity of 20 m/s, both orthorhombic and rhombohedral structure were observed in as-spun ribbons. At a wheel surface velocity of 40 m/s, the amount of orthorhombic structure decreased and the saturation magnetization increased. However, at a wheel surface velocity of 60 m/s, the saturation magnetization sharply decreased and the phase identification was limited by peak broadening. The subsequent annealing of this ribbon resulted in the rhombohedral structure, a saturation magnetization of 83.47 emu/g, and a coercivity of 2,091 Oe.