Co 2 ) 98 (Bi 50 Pb 50 ) 2 alloys are rapidly solidified using the single-roller melt-spinning method. Al 85 Ni 5 Y 8 Co 2 amorphous matrix composites containing faceted BiY particles are synthesized by the liquid-solid reaction between added bismuth and constituents of the molten Al-Ni-Y-Co glass-forming alloy. The microstructure of the rapidly quenched (Al 85 Ni 5 Y 8 Co 2 ) 98 (Bi 50 Pb 50 ) 2 multiphase composites consists of Al-based amorphous matrix and crystalline Pb-rich and BiY particles. The Pb-rich particles stem from liquid-liquid and monotectic reactions induced by lead addition. The phase constitution and microstructure are investigated by means of X-ray diffraction (XRD), scanning electron microscopy (SEM), and transmission electron microscopy (TEM). The reaction-induced crystalline BiY and Pb-rich particles are uniformly distributed in the amorphous matrix. The microstructure formation of the rapidly quenched alloys was discussed.