The heat capacity, C-p(T), of undercooled liquid, amorphous and crystalline Al7.5Cu27.5Zr65, the crystallization enthalpy of the amorphous state and the enthalpy of melting of crystalline Al7.5Cu27.5Zr65 were measured using differential scanning calorimetry. An adiabatic calorimeter was used to measure the heat capacity of liquid Al7.5Cu27.5Zr65 The association model was applied to calculate the thermodynamic functions of liquid and undercooled liquid Al-Cu-Zr, Cu-Ni-Zr and Al-Cu-Ni-Zr alloys. The measured C-p(T) of liquid Al7.5Cu27.5Zr65 and Al7.5Cu17.5Ni10Zr65 at the liquidus temperature is larger than that of the undercooled liquid state above the glass transition temperature. The calculated C-p(T) curves exhibit a maximum for the undercooled liquid state.