Foil powders of Al 5.0 Cr 4.0 Y 1.5 Zr (%) were prepared by using a multi stage atomization rapid solidification powder making device. The obtained powders were exposed thermally at various temperatures. Variation of microstructures and properties of the alloy powders was investigated by micro hardness measurement, X ray diffraction, differential thermal analysis, and transmission electron microscopy with energy disperse X ray analyses. The results show that cubic Al 20 Cr 2Y ( a = 1.437?nm) and metastable Ll 2 Al 3Zr (FCC, a = 0.405?1?nm) or equilibrium DO 23 Al 3Zr (tetragonal structure, a = 0.409?1?nm, b = 1.73?0?nm) are main second phases precipitated from supersaturated solid solution of the rapidly solidified foil powders during thermal exposure. The cubic dispersion precipitates prior to the two other Al 3Zr type intermetallic phases in the course of the decomposition. Precipitation of incoherent Al 20 Cr 2Y results in softening of foil powder, and coherent Ll 2 Al 3Zr has intensive precipitation strengthening effect. The Al 20 Cr 2Y phase is structurally stable, but it is prone to coarsen and polygonize above 450?℃. Both Al 3Zr type intermetallic phases have much smaller coarsening rate than Al 20 Cr 2Y at temperature higher than 450?℃. These two phases are able to keep their fine spherical morphologies up to 550?℃, but Al 3Zr transforms into DO 23 structure from Ll 2 structure during thermal exposure above 550?℃. Foil powders of Al 5.0 Cr 4.0 Y 1.5 Zr (%) were prepared by using a multi stage atomization rapid solidification powder making device. The obtained powders were exposed thermally at various temperatures. Variation of microstructures and properties of the alloy powders was investigated by micro hardness measurement, X ray diffraction, differential thermal analysis, and transmission electron microscopy with energy disperse X ray analyzes. The results show that cubic Al 20 Cr 2Y (a = 1.437 nm) and metastable Ll 2 Al 3Zr (FCC, a = 0.405 ? 1? Nm) or equilibrium DO 23 Al 3Zr (tetragonal structure, a = 0.409? 1? Nm, b = 1.73? 0? Nm) are main second depositions from supersaturated solid solution of the rapidly solidified violet powders during thermal exposure. The cubic dispersion precipitates prior to the two other Al 3Zr type intermetallic phases in the course of the decomposition. Precipitation of incoherent Al 20 Cr 2Y results i Both Al 3Zr type intermetallic phases have a larger smaller ratio of Al 2 O 3Zr and Coherent Ll 2 Al 3Zr having a stronger precipitation strengthening effect. The Al 20 Cr 2Y phase is structurally stable, but it is prone to coarsen and polygonize above 450 ° C. Coarsening rate than Al 20 Cr 2Y at temperature higher than 450 ° C. These two phases are able to keep their fine spherical morphologies up to 550 ° C, but Al 3Zr transforms into DO 23 structure from Ll 2 structure during thermal exposure above 550 ° C ℃.