The effect of cooling rate on the magnetic properties of the Fe₅₃Nd₃₇Al₁₀ alloy prepared by different methods, i.e., suction casting and melt spinning at different rates, was investigated. The Fe₅₃Nd₃₇Al₁₀ ribbon at the wheel speed of 5 m·s⁻¹ exhibits the highest coercivity in the samples. Two hard magnetic phases are detected from the hysteresis loops of the 5 m·s⁻¹ ribbon at all temperatures below room temperature. Their appearance is associated with different exchange coupling interactions, which are between the two kinds of hard magnetic phases or between the hard magnetic phase and the soft magnetic phase.