The thermal expansion, magnetic properties and magnetoelastic effects in amorphous CeFe alloys have been investigated. These alloys exhibit a marked thermal expansion anomaly associated with a significantly large spontaneous volume magnetostriction. A large elastic anomaly has been confirmed even above the Curie temperature. The compressibility calculated from the elastic data obtained by Brillouin scattering is about three times that of crystalline b.c.c. Fe. These large magnetoelastic effects give rise to remarkable pressure effects on the Curie temperature, magnetization and spinwave stiffness constant.