Fe-Y amorphous alloy ribbons were prepared by the melt spinning method and characterized by X-ray diffraction, Mössbauer spectroscopy and inelastic neutron scattering. X-ray diffraction demonstrates that the Fe 0.7 Y 0.3 ribbons are completely amorphous, whereas the Fe 0.3 Y 0.7 ribbons contain a small fraction of crystalline Y precipitates in the amorphous Fe-Y matrix. Mössbauer spectroscopy between 4.2 to 300 K reveals the amorphous nature of the Fe-Y matrix and the Fe 0.7 Y 0.3 ribbons. The preliminary neutron scattering results S(Q, ω) show excess low energy vibrational modes which gives rise to the so called "boson peak" in this amorphous material.