Al64Cu24Fe12 quasicrystalline material was prepared by conventional casting method. The effects of different cooling rates on the microstructure and phase transformation of the alloy were studied. The results show that the as-cast Al64Cu24Fe12 quasicrystalline material is composed of quasicrystalline I, λ-(Al-Cu)13Fe4, β-(Al (Fe,Cu)) and η-(AlCu) phases. The finer grains are obtained in the as-cast structure by faster cooling rate. Meanwhile, the growth of λ phase is restrained in samples under the faster cooling rate. However, after heat treatment at 820℃ for 6 h, almost single I phase can be obtained in all the samples. Compared with the samples under lower cooling rates, the more smooth surface and pure single I phase are observed for the sample under the fastest cooling rate.