The thermophysical properties and rapid solidification mechanism of liquid Mo-33.3 at.% Zr peritectic alloy were investigated by electrostatic levitation technique, which attained a maximum undercooling of 387 K (0.16 TL). At its liquidus temperature, the density, surface tension, viscosity and solute diffusion coefficient of this refractory alloy were determined as 8.14 g/cm3, 1.60 N/m, 11.32 mPa·s and 1.41 × 10−9 m2/s, respectively. The primary (Mo) dendrite growth started from multi-point nucleation, while its growth velocity agreed well with the prediction of LKT/BCT dendrite growth theory and reached an upper value of 43 mm/s. The subsequent peritectic transition was characterized by a power-law kinetics relation between the nominal growth velocity of peritectic Mo2Zr phase and peritectic undercooling, displaying a maximum velocity of 46 mm/s. The increase of liquid undercooling facilitated the completion of peritectic transition and refined the microstructure of residual primary (Mo) phase, thus enhancing the Vickers hardness of this alloy gradually up to 1190.9 HV at the maximum undercooling.