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This study investigated the microstructural constituents and forming properties of alloy Al-1.4 wt.% Fe with different additions of Ce and/or La. The addition of rare earth (RE) elements to aluminum alloys improves their microstructures in their as-cast and heat-treated states. RE additions and appropriate heat treatment also improve their mechanical properties. The influence of the homogenization process on the microstructure and forming properties of Al-1.4 wt.% Fe alloy with various additions of Ce and/or La was investigated. When homogenizing the Al-1.4 wt.% Fe alloy at 580 °C, the majority of the homogenization process is completed after 6 h; at 600 °C, after about 5 h; and at 620 °C, after about 4 h. In the micro-alloyed Al-1.4 wt.%–Fe alloy, α-Al, stable Al13Fe4 phases in an agglomerated form, La-containing phases in a spherical form, and Ce-containing phases in a rod-shaped form are present after homogenization. The addition of La was shown to be advantageous as a micro-addition to Al–Fe alloys. Its forming properties show that the combination of Ce and La is the most favorable addition, whereby the homogenization process is fully optimized.