Different techniques for the preparation of amorphous alloy particles are reviewed. Special attention is made to the studies of the preparation and the physical properties of ultrafine amorphous iron-boron and iron-carbon alloy particles. The properties of the ultrafine alloy particles are in most cases similar to those of bulk amorphous alloys of the same composition, e.g., the dependence of the hyperfine parameters on temperature and composition as well as Curie temperatures are similar.