Chemical preparation, characterisation, and properties are briefly reviewed for transition metalmetalloid ultrafine amorphous alloy particles (UAAP). Special attention is paid to the new solid-state chemical reaction method and the new systems, i.e. P-bearing and B-and-P-bearing systems. These new kinds of materials have some unique properties resulting from the combination of ultrafine size with amorphous structure as well as the convenience of the composition regulation over a rather wide range. Their magnetic and catalytic properties are of particular interest for future applications.