Formation and thermal stability of a quasicrystalline phases in Al-Fe-Mo alloys were investigated by means of melt-spinning process and subsequent heat treatment test. Thermal decomposition and phase transformation process of the as-spun alloys were studied using X-ray diffraction and electron microscopy. The melt-spun Al-Fe-Mo alloys contained an icosahedral quasicrystalline phase with a quasilattice constant of 0.457 nm. Icosahedral phase formed at a composition of $Al_{82.5}Fe_{14}Mo_{3.5}$ as a metastable phase during rapid solidification was transformed into the stable crystalline phases, cubic 1/0 approximant and monoclinic ${lambda}$-phase, upon heating. A metastable icosahedral and cubic(a = 0.93 nm) phases in as-spun $Al_{65}Fe_{20}Mo_{15}$ alloy were decomposed into two cubic(a = 0.62, 0.31 nm) phases by heat treatment.