Structural and metallographic studies were carried out on the Nd-Fe-B alloy system as well as the Nd-Fe-B tetragonal compound on which record high energy magnets have been developed using a powder metallurgical technique. The study on the new magnet has also been extended to other R-Fe-B componds containing various rare earths (R) and to R-Fe-Co-B alloys. The results are as follows; (1) The sintered Nd-Fe-B magnet is composed of mainly three phases, the Nd
2Fe
14B matrix phase plus Nd-rich phase and B-rich phase ∼ Nd
2Fe
7B
6) as minor phases. (2) Nd
2Fe
14B has the space group of P4
2/mnm. The crystal structure of this phase can be described as a layer structure with alternate stacking sequence of a Nd-rich layer and a sheet formed only by Fe atoms. The sheet of Fe atoms has a structure similar to the σ-phase found in Fe-Cr and Fe-Mo systems. (3) The Nd-rich phase containing more than 95 at.% Nd, 3∼5 at.% Fe and a trace of B has fcc structure with a=0.52 nm. This phase is formed around grain boundaries of the matrix phase. Nd
2Fe
7B
6phase has an one-dimentional incommensurate structure with a=a
oand

C
o, based on a tetragonal structure with a
o=0.716 nm and c
o=0.391 nm. (4) In the as sintered Nd
15Fe
77B
8alloy periodic strain contrasts are observed along grain boundaries, which disappear after annealing at 870K. This may be related to the enhancement of the intrinsic coercivity of the sintered magnet by post sintering heat treatment. (5) Stable R
2Fe
14B phases are formed by various rare earths except La. Of all the R
2Fe
14B compounds, Nd
2Fe
14B has the maximum saturation magnetization as high as 1.57 T. Dy and Tb form R
2Fe
14B phases with the highest anisotropies. Small additions of these elements greatly enhance the coercive force of the Nd
2Fe
14B base magnet. (6) Partial replacement of Fe by Co raises the Curie temperature of the Nd
2Fe
14B compound, which improves the temperature coef- ficient of the remanence of the magnet. But the intrinsic coercive force is decreased by the Co addition.