Differential scanning calorimeter (DSC) has been used to study the crystallization kinetics of Al 87:5 Ni 7 Mm 5 Fe 0:5 alloy. Both isochronal and isothermal DSC plots showed that the Al 87:5 Ni 7 Mm 5 Fe 0:5 alloy undergoes three stages crystallization process. The first peak corresponds to the precipitation of fcc-Al from the amorphous matrix at around 160 C. Isothermal DSC traces showed that there is a short incubation stage for the formation of nanoscale Al particles. The value of Avrami exponent suggests that the crystallization of Al crystals starts with a nucleation process for a short time and finally controlled by a growth mechanism. The second peak corresponds to the crystallization of Al 11 (La,Ce) 3 from the matrix at around 320 C with a nucleation rate, which decreases with time, and a constant growth rate. The activation energy calculated for the crystallization of Al 11 (La,Ce) 3 phase is 288 AE 5:9 kJ/mol, 324:6 AE 18 kJ/mol, 292 AE 6 kJ/mol by Kissinger, Johnson-Mehl-Avrami and Arrhenius type equations. The difference in the values of kinetic energy is mainly due to different annealing conditions. The third peak at around 340 C corresponds to the precipitation of intermetallic compounds from the remaining matrix.