Multilayered thin films of Al/Cu/Fe have been prepared by magnetron sputtering and annealed into quasicrystalline and approximant phases on Al2O3 and Si substrates, respectively. The nanomechanical and nanotribological properties, such as hardness, elastic modulus, friction, and toughness, have been measured using a triboindenter and analytical methods. The approximant phase was proved to be slightly harder than the quasicrystalline phase with a hardness of about 15.6 GPa, and with a similar elastic modulus of about 258 GPa. These values however decreased rapidly with an increasing amount of Si in the approximant. The indentation toughness of the approximant, <0.1 MPa/m½, was however inferior to that of the quasicrystals with 1.5 MPa/m½. Friction coefficients were measured in a range of 0.10–0.14 for both the quasicrystalline and approximant thin films.