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Nd12.3−xDyxFe81.7Zr0.8Nb0.8Cu0.4B6.0  (x=0–2.5)ribbons have been prepared by melt-spun at 30 m/s and subsequent annealing. The influence of addition of Dy on the crystallization behavior, magnetic properties, and microstructure were investigated. Differential scanning calorimeter (DSC) and X-ray diffraction (XRD) revealed a single-phase material. Microstructure studies using transmission electron microscopy (TEM) had shown a significant microstructure refinement with Dy addition. Wohlfarth’s analysis showed that the exchange coupling interactions increased first with Dy contentxincreasing, reached the maximum value atx=0.5, and then slightly decreased withxfurther increasing. Optimal magnetic properties withJr=1.09 T,Hci=1048 kA/m, andBHmax=169.5 kJ/m3are achieved by annealing the melt-spun ribbons withx=0.5at% at 700°C for 10 min.

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