Laves phases of NdFe2, Nd(Fe0.5Co0.5)2, SmCo2, and Sm(Fe0.5Co0.5)2 stoichiometries were prepared using a rapid solidification technology. Low temperature magnetic properties show ferromagnetic behavior for Nd(Fe0.5Co0.5)2, SmCo2, and Sm(Fe0.5Co0.5)2. Laves compounds, while a sort of antiferromagnetism has been suggested for the supposed NdFe2 compound. This rapidly solidified NdFe2 alloy is believed to consist of an unstable rhombohedral NdFe7 phase plus fine particles of a Nd‐rich phase. Some evidence of a phase transition from the mixture of unstable NdFe7 compound plus Nd‐rich to Nd2Fe17 plus Fe‐Nd‐O phase are obtained after annealing the NdFe2 alloy. The ternary Laves compound, Sm(Fe0.5Co0.5)2, exhibits a high coercivity of 4 kOe at room temperature with a Curie temperature of 400 °C, while the Nd(Fe0.5Co0.5)2 compound shows a magnetic moment of 3.0–3.5 μB.