The metastable liquid phase separation and rapid solidification of Cu60Fe30Co10 ternary peritectic alloy were investigated by using the drop tube technique and the differential scanning calorimetry method. It was found that the critical temperature of metastable liquid phase separation in this alloy is 1623.5 K, and the two separated liquid phases solidify as Cu(Fe,Co) and Fe(Cu,Co) solid solutions, respectively. The undercooling and cooling rate of droplets processed in the drop tube increase with the decrease of their diameters. During the drop tube processing, the structural morphologies of undercooled droplets are strongly dependent on the cooling rate. With the increase of the cooling rate, Fe(Cu,Co) spheres are refined greatly and become uniformly dispersed in the Cu-rich matrix. The calculations of Marangoni migration velocity (VM) and Stokes motion velocity (VS) of Fe(Cu,Co) droplets indicated that Marangoni migration contributes more to the coarsening and congregation of the minor phase during free fall. At the same undercooling, the VM/VS ratio increases drastically as Fe(Cu,Co) droplet size decreases. On the other hand, a larger undercooling tends to increase the VM/VS value for Fe(Cu,Co) droplets with the same size.