A systematic study of heat treatments and magnetic hardening of NdFeB-based melt-spun nanocomposite ribbons have been carried out. Comparison was made between samples treated by rapid thermal annealing and by conventional furnace annealing. Heating rates up to 200 K s −1 were adopted in the rapid thermal processing. It was observed that magnetic hardening can be realized in an annealing time as short as 1 s. Coercivity of 10.2 kOe in the nanocomposites has been obtained by rapid thermal annealing for 1 s, and prolonged annealing did not give any increase in coercivity. Detailed results on the effects of annealing time, temperature and heating rate have been obtained. The dependence of magnetic properties on the annealing parameters has been investigated. Structural characterization revealed that there is a close correlation between magnetic hardening and nanostructured morphology. The coercivity mechanism was also studied by analysing the magnetization minor loops.