Investigations of the structure, phase composition, and the microhardness of iron-based alloy obtained by spraying a powder into the air were made by optical metallography, X-ray analysis and the measurement of microhardness. It was determined that the material is formed under conditions of high cooling. It’s microhardness is twice higher than microhardness of alloy with equilibrium structure. Hardening of the material is caused by solid-solution strengthening and main phases grain refinement, also dispersion hardening by second phase particles.