The purpose of this study is to investigate the effect of misch metal addition on the microstructure and mechanical property of rapidly solidified AZ91 alloy by melt spinning process. As the contents of misch metal(rare earth element:Ce,La, Nd, Pr)was increased, the microstructure of RS ribbons and extrudates became finer than those of AZ91, and RE related phases($Al_{11}RE_3$, $Al_2RE$) were formed. At room temperature, the rapidly solidified AZ91+1 wt%Mm alloy showed the highest tensile strength, 430 MPa due to precipitation strengthening of${\beta}(Mg_{17}Al_{12})$ phase and Al11RE3 phase. At the elevated temperature, the mechanical property of AZ01+3 wt%Mm alloy was higher than those of other Mg alloys. The reasons were that $Al_{11}La_3$ phase was thermally stable and suppressed the grain growth. In contrast with $Al_{11}La_3$ phase, ${\beta}$ phase was thermally unstable and could not suppress the grain growth at the elevated temperature. Therefore, Al11RE3 phase contributed to improve the thermal stability of RS AZ91 Alloy.