A high strength, rapidly solidified alloy consisting of a main metal element and, added thereto, additive elements, characterized in that the mean crystal grain size of the main metal element is 40 to 1000 nm, the mean size of particles of a stable phase or a metastable phase of various intermetallic compounds formed from the main metal element and the additive element and/or various intermetallic compounds formed from the additive elements themselves is 10 to 800 nm, and the intermetallic compound particles are distributed in a volume fraction of 20 to 50% in a matrix consisting of the main metal element. The rapidly solidified alloy has an improved strength at room temperature and a large toughness and can maintain the properties inherent in a material produced by the rapid solidification process even when it undergoes a thermal influence during working.
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