The phase relations of the Fe-Zr-Y system at 973 K and 1073 K were experimentally investigated by using the equilibrated alloys. New ternary compounds τ3-Fe3ZrY and τ4-Fe10Zr5Y2 were found in this ternary system. The solubility of Y in Fe2Zr was measured to be 3.5 at.% and the third component can hardly dissolve in the other binary intermetallic phases. Experiments have verified that Fe2.9Zr0.5Y0.5 has a solid solubility ranging from Fe73Zr12Y14 to Fe77Zr9Y13.