The structure of the matrix of a two phase heavy alloy, 93W-4.9Ni-2.1Fe (wt%), was characterized. The matrix phase was not the expected face centred cubic Ni-Fe-W solid solution with a large grain size reported in the literature. Instead, an amorphous phase containing fine grained crystals as well as intermetallic compounds having different compositions were found. The partition of tungsten from the matrix toward the tungsten phase resulted in formation of different phases in the matrix. Under furnace cooling, the matrix phase was composed of an amorphous phase for the matrix phase remote from the tungsten grain-matrix interfaces, and a strained FeNi intermetallic phase near the interfaces. For specimens solution treated at temperatures between 1000-1400 degrees C followed by water quenching, an intermetallic phase rich in tungsten, (Ni, Fe) VV, evolved and surrounded the tungsten grains in clusters. The relative abundance of this intermetallic phase was highest for a solution treatment temperature of 1400 degrees C, indicating that the formation of this phase was a result of supersaturation of tungsten in the matrix phase and retarded partition of tungsten from the matrix phase to tungsten grains under a rapid cooling condition.