A process for producing amorphous alloy materials having high toughness and high strength from various alloy powders, thin ribbons or bulk materials consisting of an amorphous phase by heating them to a temperature at which intermetallic compounds or other compounds are not produced. During this heating, fine crystal grains consisting of a supersaturated solid solution made of a main alloying element and additive elements and having a mean grain diameter of 5 nm to 500 nm are precipitated and uniformly dispersed in a volume percentage of 5 to 50% throughout an amorphous matrix. In the process, when deformation, pressing or other working is simultaneously conducted with the heating, consolidation or combining of the resultant alloy materials can also be effected in the same production procedure. The amorphous alloy used in the production process preferably comprises Al, Mg or Ti as a main element and, as additive elements, rare earth elements and/or other elements.