For me1t-spun Fe-Nd-C alloys, variation of phase development and magnetic properties with the variety of alloy compositions and production conditions were investigated. To find out whether hard magnetic $Fe_{14}Nd_2C$ is crystallized direct1y from the melt by rapid quenching, the phase development of the as-spun ribbons spun at various speed was a1so studied. For the ribbons spun at 10m/s, ${alpha}-Fe$ was the primary crystallization phase followed by the secondary $Fe_{17}Nd_2C$. At 20m/s ${alpha}-Fe$ was suppressed so that the primary $Fe_{17}Nd_2C$ coexisted with the secondary ${alpha}-Fe$ and the amorphous phase. Above 30m/s the ribbons were a1most amorphous, and the amorphization was complete at 40m/s. $Fe_{14}Nd_2C$ therefore was not found in as-spun state but obtained after heat treating the ribbons. The effective temperature range ($700{sim}900^{circ}C$) in which $Fe_{14}Nd_2C$ can be obtained was wider than that of a cast alloy. An alloy made with the wheel speed of 20 or 30m/s yielded higher coercivities after heat treatment. In iron-rich Fe-Nd-C, the composition range in which a high coercivity (more than 10kOe) is expected is narrow, i.e., 77~78 Fe and 7~8 C(at.%).