The influence of rare-earth elements on the microstructural features of rapidly solidified Al(93.3-x)Fe(4.3)V(0.7)Si(1.7)Mm(x)(x = 0, 0.5, 1.0, 3.0, 6.0) alloy was systematically studied by differential scanning calorimetry, X-ray diffraction, transmission electron microscopy and energy dispersive X-ray analysis. Experimental results show that there are different type of phase transformation depending on mischmetal (Mm) concentration. For Al(87.3)Fe(4.3)V(0.7)Si(1.7)Mm(6.0) metallic glass, a shoulder was observed on the high-angle side of the main peak in the X-ray diffraction patterns due to quenched-in aluminium nuclei and a prepeak resulting from Mm-Mm pairs. By means of particle extraction analysis, it has been proved that the alpha-Al-13(Fe,V)(3)Si phase existing in as-cast Al-Fe-V-Si alloy is wholly or partly inhibited for Al(93.3-x)Fe(4.3)V(0.7)Si(1.7)Mm(x) (x = 0.5, 1.0, 3.0) crystalline alloys. In addition, a new phenomenon has been reported that the lattice parameter of as-quenched Al-Fe-V-Si-Mm alloys decrease with increasing Mm content; the "cell lessening effect". This effect is presumably due to the results of composite interactions between rare-earth elements and alloy elements.