Alloys of Y 1−x Gd x Fe 2 B y (x = 0, 0.25, 0.5, 0.75 and 1; y = 0, 0.1, 0.15 and 0.2) have been prepared and investigated for structural and magnetic properties. The compounds with x = 0 and 1 are found to form in single phase with C15-type cubic Laves phase structure, while those with x = 0.25, 0.5 and 0.75 are observed to form with small quantities of secondary (Y,Gd)Fe 3 phase. The lattice parameters, Curie temperature and the average Fe hyperfine field are found to increase with increasing x. The Gd-Gd and Gd-Fe interactions are attributed to be the main reason for the enhancement of magnetic properties. Boron was found to stabilize the (Y,Gd)Fe 2 phase without affecting the magnetic properties.