Pr(Fe1-xCox)2 ribbons have been prepared by melt-spinning method. Their structure, magnetic properties and thermal stability are investigated. It is found that Pr(Fe,Co)2 cubic Laves phase can form only when x≥0.2 at wheel speed of 45m/s. For Pr(Fe0.6Co0.4)2 alloy, at wheel speed of 30m/s, the ribbon consistes of a mixture of Pr2(Fe,Co)17, Pr(Fe,Co)2 and rare earth-rich phase. Almost Pr(Fe0.6Co0.4)2 compound a small amount of amorphous phase is observed at wheel speed up to 45m/s. Pr(Fe0.6Co0.4)2 compound becomes unstable above 770℃. The resub-bonded Pr(Fe0.6Co0.4)2 nanocrystalline compound which is obtained at wheel speed of 40m/s combines high magnetostriction (λ∥-λ⊥=140×10-6), with significant magnetic coercivity, iHc=398kA/m.