Rapidly solidified martensitic stainless steel (11.59Cr-0.98Mo-0.28V (in wt pct) ribbons have been produced by the melt-spinning process. The microstructure of the ribbons showed three distinct zones: a columnar, a cellular, and a cellular-dendritic zone. The height of the columnar grain zone is independent of the process parameters such as the wheel material or the wheel velocity. Due to a high level of undercooling and a high growth velocity of the solid/liquid interface, the rapid solidification process is found to suppress the formation of δ-ferrite and enhance the formation of austenite. The austenite is transformed into martensite upon cooling. In comparison with conventional solidification, a reduction in the initial austenite grain size has been found to result in a very fine lath martensite (M) structure. Investigations of the texture within the ribbons along the growth direction show a weak fiber texture. Transmission electron microscopy (TEM) has revealed a [111]M1 ‖ [001]M2 and (011)M1 ‖ (110)M2 orientation relationship between two neighboring martensite laths. The observed orientation relationship is a result of a superposition of both the Kurdjumov-Sachs (K-S) and Nishiyama-Wasserman (N-W) orientation relations.