The characteristics of microstructures, martensitic transition, and magnetic field- induced strains of melt-spun ribbons are reviewed. The preferential alignment of crystal grains in the spun ribbons depends not only on the composition, but also on the spinning velocity. The increase of spinning velocity decreases the temperature of martensitic transition and decreases the enthalpy change. The anisotropies and retardance of field-induced strains was discussed, especially for the influence of the texture and annealing of the ribbons.