The aim of the work was to characterize the structure of Al65Cu20Fe15 alloy obtained with the use of conventional casting and rapid solidification-melt-spinning technology. Based on the literature data, the possibility of an icosahedral quasicrystalline phase forming in the Al-Cu-Fe was verified. Structure analysis was performed based on the results of X-ray diffraction, neutron diffraction, 57Fe Mössbauer and transmission electron microscopy. Studies using differential scanning calorimetry were carried out to describe the crystallization mechanism. Additionally, electrochemical tests were performed in order to characterize the influence of the structure and cooling rate on the corrosion resistance. On the basis of the structural studies, the formation of a metastable icosahedral phase and partial amorphous state of ribbon structure were demonstrated. The possibility of the formation of icosahedral quasicrystalline phase I-AlCuFe together with the crystalline phases was indicated by X-ray diffraction (XRD), neutron diffraction (ND) patterns, Mössbauer spectroscopy, high-resolution transmission electron microscopy (HRTEM) observations and differential scanning calorimetry (DSC) curves. The beneficial effect of the application of rapid solidification on the corrosive properties was also confirmed.