TECHNOLOGY FOCUS - METALLURGY - Preferred Composition: The silicon-aluminum-iron alloy further has alloy phase (P2) containing 1 atomic% or more aluminum and iron. At least a portion of the silicon-aluminum-iron alloy contains uniform dispersion of silicon phase and alloy phase. The atomic ratio of the silicon in the silicon phase and silicon in the alloy phase is 1:0.5-1:12. The alloy phase has matrix phase. The silicon phase contains silicon active metal particles having average particle size of 10-200 nm. The silicon-aluminum-iron alloy contains quenched alloy which is quenched at a rate of 103-107 K/second. The silicon-aluminum-iron alloy contains silicon, aluminum and iron, and at least one of the silicon, aluminum, or iron is doped with a transition metal chosen from nickel, cobalt, copper, chromium, zirconium, titanium, manganese, vanadium and/or zinc. The content of transition metal is 0.1-5 atomic%. The alloy phase exhibits X-ray diffraction peak corresponding to Bragg's angle of 2 theta at 20-60 degrees , measured using copper K- alpha X-ray at wavelength of 1.541 Angstrom . The alloy phase exhibits primary X-ray diffraction peak corresponding to Bragg's angle of 2 theta at 44.7 plus minus 1 degrees , measured using copper K- alpha X-ray at wavelength of 1.541 Angstrom . The alloy phase exhibits initial secondary X-ray diffraction peak corresponding to Bragg's angle of 2 theta at 24.6 plus minus 1 degrees , measured using copper K- alpha X-ray at wavelength of 1.541 Angstrom , or final secondary X-ray diffraction peak corresponding to Bragg's angle of 2 theta at 47 plus minus 1 degrees , measured using copper K- alpha X-ray at wavelength of 1.541 Angstrom . Preferred Process: The parent alloy is prepared by vacuum induction melting process, arc melting process or mechanical alloying process. The parent alloy is quenched by melt-spinning process or gas atomization process. Preferred Property: The alloy powder has median particle diameter (D50) of 0.1-10 mu m.