We present the results of the magnetic measurements on (GdxY1-x)Fe2 compounds between 4.2 and 1300 K. For x≳0 typical magnetization curves characteristic of ferrimagnetic ordering are evidenced. The reciprocal susceptibility follows a Néel‐type relation. The composition dependence of the magnetic interactions in the system is analyzed. The iron moment scales linearly with the exchange field acting on Fe atoms. The correlation between the Fe57 hyperfine field and the electronic moment MFe at the iron site in a number of rare‐earth (yttrium) compounds is presented. A simple linear relation is found. Based on the above data a comparison between the thermal variation of iron magntization, calculated using the Néel model, and that deduced from the hyperfine field is made. The data evidence that the molecular field model describes rather well the magnetic behavior of these systems. The results of ferromagnetic‐resonance measurements in X and K bands are presented. The data are analyzed using the Vangsness relation. Finally, the magnetic behavior of iron atoms in these compounds is discussed.