Tb0.3Dy0.7HoxFe1.95 (x=0.00, 0.05, 0.10, 0.15, 0.20, 0.35, 0.50, 0.65) quaternary alloys were prepared by arc-melting and followed by annealing. The phases present and structure of the alloys were determined using a D8-Advance X-ray diffractometer. The magnetostriction of the alloys was studied by standard strain gauge technique. The dependence of Ho content on the structure, magnetostriction and density of the alloys was investigated in detail. The research results showed that Ho-doping did not change MgCu2-type cubic Laves structure in Tb0.3Dy0.7Fe1.95. When Ho content x≤0.2, rich rare earth phase presented in the alloys increased and magnetostriction of the alloys reduced evidently with increasing x, but for alloys with x>0.2, the content of rich rare earth phase started to reduce and the magnetostriction increased quickly, especially at low magnetic field in the alloy with x=0.65 due to separation of rich rare earth phases on the surface of the alloy.