The influence of the chemical composition on the crystallization process, amorphous phase formation, and the anticorrosion properties of Al-Zr-Ni-Fe-Y alloys are presented. To reduce the number of experiments, a thermodynamic approach was applied in which the entropy and Gibbs free energy of representative alloys were optimized. The low glass-forming ability of Al-Zr-Ni-Fe-Y alloy systems was related to the crystallization of the Al3Zr phase from the melt. The structural analysis showed that phases containing Ni and Fe, such as Al19Ni5Y3, Al10Fe2Y, and Al23Ni6Y4, played a key role in the formation of amorphous alloys. According to this, the simultaneous addition of Ni/Fe and Y is important to prevent the crystallization of Al-based alloys in the melt. The formation of an amorphous phase in Al80Zr5Ni5Fe5Y5 alloys and the complete amorphization of Al85Ni5Fe5Y5 alloys were responsible for the high corrosion resistance compared with fully crystalline alloys. Moreover, the addition of Y had a significant impact on the anticorrosion properties. The XPS results showed that the alloys tended to form a passive Al2O3 and Y2O3 layer on the surface.