Abstract The medium-range structure of a heat-treated Al 85Y 10Ni 5 amorphous alloy was investigated by small-angle X-ray scattering, calorimetric analysis, wide-angle X-ray diffraction and transmission electron microscope measurements. It is observed that crystalline particles having a definite boundary are precipitated by annealing at supercooled liquid temperatures and that most of the precipitates consist of the Al fcc crystalline phase. The integrated intensities of the small-angle scattering and the Guinier radii of the precipitates increase on annealing for time duration <5.4 ks. However, as the annealing time becomes > ∼ 5.4 ks, the integrated intensities and the Guinier radii are invariant, i.e., growth of the precipitates ceases. After annealing for 518.4 ks, the diameters of the precipitates exhibit a narrow distribution centered around 200 Å.