The mechanical properties of iron-rich Al–Si alloy is limited by the existence of plenty of the iron-rich phase (β-Al₅FeSi), whose unfavorable morphology not only splits the matrix but also causes both stress concentration and interface mismatch with the Al matrix. The effect of the cooling rate on the tensile properties of Fe-rich Al–Si alloy was studied by the melt spinning method at different rotating speeds. At the traditional casting cooling rate of ~10 K/s, the size of the needle-like β-Al₅FeSi phase is about 80 μm. In contrast, the size of the β-Al₅FeSi phase is reduced to 500 nm and the morphology changes to a granular morphology with the high cooling rate of ~10⁴ K/s. With the increase of the cooling rate, the morphology of the β-Al₅FeSi phase is optimized, meanwhile the tensile properties of Fe-rich Al–Si alloy are greatly improved. The improved tensile properties of the Fe-rich Al-Si alloy is attributed to the combination of Fe-rich reinforced particles and the granular silicon phase provided by the high cooling rate of the melt spinning method.