Eutectic solidification characteristics of Al-2.85 wt%Fe-0.12 wt% Valloy have been investigated by steady-state growth over the range of solidification front velocity from 51 to 1030μm/s and temperature gradient 8 to 15 K/mm. Increasing growth velocity displaced the αAl-Al3Fe eutectic by αAl-AlxFe eutectic rather than by the αAl-Al6Fe eutectic obtained for the binary Al-3 wt%Fe alloy. A fully αAl-AlxFe eutectic structure has been obtained for the first time in the vanadium-containing alloy over the growth velocity range from 71 to1030μm/s except at 100 and 510μm/s where some αAl dendrites were present in the eutectic matrix. TheαAl-AlxFe eutectic was observed to undergo a morphological transition from lamellar to rod-like with increasing growth velocity concurrently with formation of a cellular eutectic structure. It was found that the relationship λ= Av−1/2, between eutectic spacing λ and growth velocity v, was applicable with A = 22.4 ± 1.8 and 13.8 ± 2.1 μm3/2s−1/2 for lamellar and rod-like αAl-AlxFe eutectics, respectively.