Recently, ultrafine grained (ufg, typically 100 > d > 500 nm) Ti-Fe eutectic materials have been highlighted due to their extraordinarily high strength and good abrasion resistance compared to conventional coarse grained (cg, d > $1{mu}m$) materials. However, these materials exhibit limited plastic strain and toughness during room temperature deformation due to highly localized shear strain. Several approaches have been extensively studied to overcome such drawbacks, such as the addition of minor elements (Sn, Nb, Co, etc.). In this paper, we have investigated the influence of the addition of Gd and Y contents (0.3-1.0 at.%) into the binary Ti-Fe eutectic alloy. Gd and Y are chosen due to their immiscibility with Ti. Microstructural investigation reveals that the Gd phase forms in the eutectic matrix and the Gd phase size increases with increasing Gd content. The improvement of the mechanical properties is possibly correlated to the precipitation hardening. On the other hand, in the case of Ti-Fe-Y alloys, with increasing Y contents, primary phases form and lamellar spacing increases compared to the case of the eutectic alloy. Investigation of the mechanical properties reveals that the plasticity of the Ti-Fe-Y alloys is gradually improved, without a reduction of strength. These results suggest that the enhancement of the mechanical properties is closely related to the formation of the primary phase.