The effects of rare earth elements (REEs) (like Y, Ce, Nd and Dy) on the microstructure and mechanical properties of cast NiAl–28Cr–5.5Mo–0.5Hf alloy were investigated. The results suggest that the microstructure of REEs-doped alloys gradually refines with increasing REEs addition and the appropriate addition of REEs can improve the compressive ductility and yield strength at room temperature. In addition, REEs additions increase the elevated temperature strength and deformation ability of the alloys. The elevated temperature compression deformation behavior of Nd-doped alloy can be properly described by power-law equation.