CuAl10Ni5Fe4 alloy powders were successfully produced using the planar flow casting method, known as the continuous ribbon production process. Cooling the textured wheel to -5 oC resulted in a much finer microstructure in comparison to uncooled wheel powders. The microstructure of the powders, in case of the cooled wheel, consisted of beta ' martensite, which resides inside the colonies, and proeutectoid alpha phase at colony boundaries. The martensite start and finish temperatures for uncooled wheel powders were obtained as 221 oC, and 174 oC, respectively. The Ms and Mf temperatures for cooled wheel powders were measured as 207 oC, and 135 oC, respectively. It is observed that the magnetic properties of the produced powders change with the amount of beta ' martensite.