The microstructure and magnetic properties of Ni2MnGa base alloys with "Fe" substitution in place of "Mn" are studied. The processing technique used is melt spinning at wheel speeds of 20 m/s and 30 m/s followed by annealing at 1273 K (1000 °C) for 1 hour. Fe content is varied from 2 at. pct to 11 at. pct for alloys of Ni50Mn (25-x)Fe x Ga25 with Heusler stoichiometry. Austenite with B2 partial atomic ordering and premartensitic tweed structures were found at room temperature for all the alloys at different wheel speeds. After annealing at 1273 K (1000 °C) for 1 hour, austenite phase with L2 1 Heusler atomic ordering is stabilized in samples of all the processing conditions. Saturation magnetization, martensitic transformation temperature, and Curie temperature are measured. Martensite temperature and Curie temperature increase in proportion to iron content in the alloy. Saturation magnetization is sensitive to the phase content and compositional inhomogeneities. © 2013 The Minerals, Metals & Materials Society and ASM International.