Tungsten heavy alloys with different ratios of Mo and Ni-Fe matrix were liquid-phase-sintered to investigate their microstructural evolution. Results indicated that increased Mo in the alloy promoted the formation of a (W,Mo)(Ni,Fe) type intermetallic compound in the furnace-cooled condition. It was a monoeutectic reaction when the added Mo content was higher than 49at.%, or a eutectic reaction when this value was between 37at,% to 49at.%. When Mo was added between 25at.% to 37at.%, the precipitation of the intermetallic compound took place by either a eutectoid or peritectoid reaction.