Abstract: A nanostructured Hf11Ni89 ribbon sample was prepared by melt-spinning. It was found that the as-quenched sample is composed of a major HfNi5 compound nanophase and an interfacial magnetic Ni(Hf) solid solution phase. The structure evolution of the sample was studied by using X-ray difFraction (XRD), transmission electron microscopy (TEM), difFerential scanning calorimetry (DSC), resistivity and magnetothermal analysis. Upon heating, a second precipitation process of the Ni(Hf) phase prior to grain growth wa5 detected by means of both structural analysis and physical property measurements. The measurement results are discussed based on the relationship between microstructure and physical properties.