The systems of Tb1-XDyX(F1-YVY)(1.95) (X=0.73, 0.5, Y=0.051 0.10, 0.15) polycrystalline alloys have been studied using X-ray diffraction. BSE, EMPA-microanalysis, analysis of graphy, Co-57 Mossbauer spectra and magnetic measurements. The results indicate that the grains of the alloy have been broken down, the Laves phase has spread all over the mictostructure and the Fe-rich phase has been increased by the addition of V. The results of Hyperfine fields show that the Mossbauer spectra of iron nuclei at room temperature have two sets of six-line patterns, with relative population 3:1. The easy direction of magnetization remains the [ill] direction when substituting V for Fe,V atoms occupy 16d sites, The addition of V changed the point of anisotropy compensation of the alloys to higher Tb content, improved the magnetostrictive properties significantly and increased Curie temperatures to 390-426 degrees C. (C) 1997 Elsevier Science S.A.