In this work, the influence of alloying elements Ti, Zr and Hf on microstructure and properties of Al91Mn7Fe2 melt spun ribbons, strengthened with quasicrystalline particles was studied. It was found that Zr improves significantly the microhardness of the alloy in as spun state by precipitation of metastable L12–Al3Zr phase in matrix grains. Both Hf and Zr additions retain higher microhardness values after annealing at 673K by formation of stable Al3X precipitates, even though the quasicrystalline phase being the main strengthening phase in the alloy starts to decompose. Comparison of the results from differential scanning calorimetry, thermo-mechanical analysis and microhardness measurements after annealing showed correlation between phase transformations and mechanical properties. Based on TEM studies, drop of microhardness and increase in Young’s modulus with temperature for all samples was attributed to significant change in samples microstructure, especially to decomposition of quasicrystalline particles and formation of different intermetallic phases.