A quaternary eutectic alloy composed of Ti_70.38Fe_26.39Sn_2.93Y_0.3 is prepared on a pure titanium substrate with the laser rapid prototyping technique. The microstructure, hardness, elastic modulus, and corrosion resistance of the alloy are tested and investigated, and the comparison with those of the Ti_70.58Fe_29.42binary eutectic alloy is made as well. The analysis results show that, under the non-equilibrium solidification condition of laser rapid prototyping, the solidification structure of Ti_70.38Fe_26.39Sn_2.93Y_0.3 alloy is a hypereutectic one which composed of the primary TiFe and β-Ti+TiFe eutectic. Compared with those of Ti_70.58Fe_29.42binary eutectic alloy, the hardness of Ti_70.38Fe_26.39Sn_2.93Y_0.3 alloy is increased by 59.6%, the elastic modulus is decreased by 30%, and the Ti_70.38Fe_26.39Sn_2.93Y_0.3 alloy possesses an excellent property of corrosion resistance in Hank′s solution.