Partially or fully amorphous Al
89Dy
11, Al
84Dy
11Co
5 and Al
84Dy
6Co
10 alloys were prepared by melt spinning. The amorphous to crystalline and subsequent transitions were studied with X-ray diffraction, electrical resistivity, thermal and microhardness measurements. The transformation kinetics were analysed in terms of the classical and the generalized Johnson
¯Mehl
¯Avrami
¯Kolmogorov models for nucleation and growth processes. In amorphous Al
89Dy
11, crystallization begins with
(fcc Al) formation closely followed by
(Al
3Dy), which transforms to
(Al
3Dy). Addition of Co increases the stability of the amorphous states. The first crystallization process in the ternary alloys is eutectic-like; nanocrystals are present in Al
84Dy
6Co
10. Annealing in the region of structural relaxation retards subsequent crystallization.