We are reporting an approach to prepare bulk foils of α″-Fe16N2 that can be directly obtained from a melt spinning process. The diffraction peaks from α″-Fe16N2 phase were found in X-ray diffraction spectrum of the foil, for which a nitrogen composition of 8.7at% was found by Auger electron spectroscopy. The microstructure of this melt spun foil was analyzed. We found 600 nm subgrains inside 8 μm grains for this foil. The coercivity of the α″-Fe16N2 foil was found as 222 Oe with a saturation magnetization of 223 emu/g. We analyzed the coercivity based on the microstructure and proposed a model to explain how to further improve it in melt spun FeN foils.