Fabrication of bulk alloy has been performed through the consolidation of rapidly solidified ribbons. The bulk alloy exhibited excellent mechanical properties, high tensile yield strength of 530 MPa, and large elongation of 3 %. Microstructure of the alloy was characterized by equiaxed fine grains that consist of -Mg, long period ordered (LPO) structure phase, and -type cubic compound. The strengthening of the alloys may be due to fine grains with LPO structure phase and -type compound.