Phase transformations and structural studies have been done on amorphous Fe78Dy2B20 (S1) and Fe74Dy6B20 (S2) alloys. Four Probe Electrical Resistivity (FPER), Differential Scanning Calorimetry (DSC) and X-Ray Diffraction (XRD) were used to characterize the samples. Resistance versus Temperature curve of the fresh sample Fe78Dy2B20 (S1) showed a sudden drop around 800 K indicating the amorphous to crystalline transformation of the sample. The resistivity of the sample S1 at room temperature was found to be 244.3 µΩ-cm. The DSC curve of sample S1 showed an exothermic sharp peak around 551.60C (824.6 K) indicating the amorphous to crystalline transformation. Thus, sample S1 showed single step crystallization. Sample S2 showed multi step (growth of different phases) crystallization. XRD studies showed the presence of α-Fe and BCC Fe3B phases in the completely crystallized S1 sample.