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The microstructure and phase formation of rapid solidified Ag-rich Ag-Cu-Zr alloys were investigated. Two types of structure; interconnected-and droplet-type structures, were obtained due to phase separation mechanisms. The former was spinodal decomposition and the later was nucleation and growth mechanism. Depending on the alloy compositions, three crystalline phases; FCC-Ag, AgZr and Cu 10 Zr 7 phases were observed along with an in-situ nanocrystalline/amorphous composite. Vickers hardness testing indicated a significant increase of hardness in the nanocrystalline/amorphouscomposite alloy.