We report on the results pertinent to structural, magnetic, magnetostrictive studies of the Tb0.3Dy0.7-xNdxFe1.93 [x = 0, 0.05, 0.1, 0.15 and 0.2] compounds. From the evidenced magnetization and magnetostriction results, the crucial finding that we emphasize is that the realization of minimum anisotropy for the compound with the composition x = 0.1. From the X-ray diffraction on magnetically aligned samples, (4 4 0) peak splitting analysis and Mössbauer studies, we ascertain that the easy magnetization direction (EMD) for x = 0.2 compound it is towards 〈1 1 0〉. Above results also affirmed that indeed there exists transformation of the structural distortion from rhombohedral to orthorhombic from x = 0 to x = 0.2. The Laves phase compound Tb0.3Dy0.6Nd0.1Fe1.93 with a large magnetostriction (λ111 1270 × 10-6) and a low anisotropy may be a potential candidate for magnetostriction applications. ©2014 Elsevier B.V. All rights reserved.