The effect of No.1 rare earth modification on the microstructure of Fe-Cr-B alloy was investigated.The results show that the as-cast microstructure of Fe-Cr-B alloy is refined obviously and the original borides distributed along grain boundaries in the continuous and network morphologies are changed into discontinuous rod-like and granular forms.It indicates that the 1# rare earth has a significant modification effect on microstructure of Fe-Cr-B alloy.