5wt%Cr, 1wt%Al, 1wt%Ti or 1wt%Ni were added to the Fe-17Mn binary alloy which had the best damping property, and then Fe-Mn, Fe-17Mn, Fe-17Mn-5Cr-1Al, Fe-17Mn-5Cr-1Ti and Fe-17Mn-5Cr-1Ni alloys were prepared by vacuum induction smelting. After forging and solution treatment, the effect of Cr, Al, Ti, Ni elements on damping property, mechanical properties and corrosion resistance of the alloys was studied. The results show that after adding Cr element, the strength of the alloy increased significantly and the corrosion resistance was improved; the damping property increased at low strain amplitude (200×10-6-900×10-6), and decreased at high strain amplitude (greater than 900×10-6). The corrosion resistance of the alloy after adding 1wt% Al element or Ti element into Fe-17Mn-5Cr alloy changed little, but the strength decreased; the damping property of the alloy after adding Ti became worse, but the damping property after adding Al changed little. Compared with Fe-17Mn alloy, the strength and the damping property of the alloy after adding 1wt%Ni element into Fe-17Mn-5Cr alloy changed little; the corrosion resistance was reduced slightly, but still better than that of Fe-17Mn alloy. Fe-17Mn-5Cr-1Ni alloy had the best comprehensive properties.