Aluminum master alloys with rare earth metals are widely studied by many scientists around the world, but research on the production of Al-Er master alloys is still limited. The purpose of this work is to study the microstructure parameters of aluminum-erbium master alloys obtained by metallothermic reduction of salt mixtures containing erbium oxide or fluoride. The structural features were investigated by optical and scanning electron microscopy, and the dependence of the microhardness of the eutectic and solid solution fields of obtained master alloys on the content of erbium in the master alloy was determined. Studies have shown that master alloys obtained by metallothermic reduction of erbium compounds from chloride–fluoride melts are characterized by a uniform distribution of Al3Er intermetallic compounds in the volume of double eutectic [(Al) + Al3Er] and have a strong grain refinement effect. The analysis of the microstructure showed that the structure of the master alloys varies depending on the content of erbium. When the content of erbium in the master alloy is up to 6 wt.%, the eutectic structure is preserved. When the content of erbium in the master alloy is 8 wt.% or more, the structure becomes a solid solution with individual inclusions of various shapes and intermetallic compounds.