Amorphous Mg-based alloy Mg 65 Cu 25 Nd 10 was prepared by melt-spinning. The kinetics of crystallization of the alloy was investigated by DSC using various heating rates, and its crystallization process and microstructure were confirmed by TEM, X-ray and electron diffraction. The changeable activation enthalpy E a with crystalline fraction α was given by an isoconversional method, and the average value of E a was 150±10kJ/mol. What is more important, it is shown that this process cannot be described by the JMA model but the two-parameter empirical Sestak–Berggren equation gives a more quantitative description. It was established that the crystallization of Mg 65 Cu 25 Nd 10 alloy is a multi-step mechanism and can be described by the Sestak–Berggren model with the kinetic parameters as follows: m=0.59, n=1.42, A=6.35×10 14 . It was found that the crystallization process of melt-spun Mg 65 Cu 25 Nd 10 ribbons consists of three steps. The first crystallization reaction at about 453K is connected with the formation of Mg 2 Cu nanocrystalline phase, followed by formation of a coarser grained α-Mg crystalline phase (483–500K) corresponding to a second crystallization reaction. At higher temperatures a third exothermic effect (at about 593K) can be detected and the stable Mg 2 Cu, α-Mg and Cu 5 Nd phases are present.