The microstructural change and transformation characteristics with cooling rate i.e. wheel speed were investigated in 82.8wt%Cu-12.8wt%Al-4.3wt%Ni SMA ribbons fabricated by melt-spinning. The thickness and width of ribbon were decreased with increasing wheel speed, while the uniformity of it was improved. At same wheel speed, the grain size of the contact surface of ribbon was smaller than that of free surface. The mean grain size was decreased with increasing wheel speed, resulted in obtaining grains with $3{mu}m$ in mean diameter in the wheel speed of 30 m/s. However, micro-voids and cracks at grain boundary could be observed at higher wheel speed. $M_s$ and $A_s$ temperatures were decreased, and $M_s{sim}M_f$ and $A_s{sim}A_f$ temperature ranges were broadened with increasing wheel speed. All the ribbons were retained the ordered $D0_3$ due to rapid cooling, the volume fraction of it was increased with increasing wheel speed.