The structural and magnetoelastic properties of (Tb 0.3 Dy 0.7 ) 1-x (Pr 0.5 Nd 0.5 ) x Fe 1.93 (0 B x B 0.20) polycrystalline alloys have been investigated by means of X-ray diffraction (XRD), a vibrating sample magnetometer and a standard strain gauge technique. A single (Tb,Dy,Pr,Nd)Fe 2 Laves phase with a cubic MgCu 2 -type structure is formed when x B 0.12, while a small amount of impurities appear when x C 0.15. The easy magnetization direction at room temperature is detected toward \111[ axis. The analysis of XRD, magnetization and magnetostriction shows that the Pr and Nd elements joint introduction into (Tb,Dy)Fe 2 system can reduce the magnetocrystalline anisotropy and improve the magnetoelastic properties. The (Tb 0.3 Dy 0.7 ) 0.88 (Pr 0.5 Nd 0.5 ) 0.12 Fe 1.93 alloy exhibits a high low-field magnetostriction k a (*314 ppm/ 1 kOe), a large spontaneous magnetostriction coefficient k 111 (*1710 ppm), a giant saturation magnetostriction k S (*1060 ppm) and the low magnetocrystalline anisotropy at room temperature, and may make it a promising candidate for magnetostriction applications.