The phase evolution and magnetic properties of Nd 9−x Y x Fe 72 Ti 2 Zr 2 B 15 (x = 0, 0.5, 1, and 2) melt-spun nanocomposite ribbons were studied. It is found that Y addition not only enhances the formability of amorphous phase in the alloy, but also stabilizes the amorphous phase during the annealing treatment. The appropriate content of Y addition effectively enhances the remanence (J r ) of the annealed sample. The residual amorphous intergranular phase in the annealed sample optimizes the squareness of the loop, resulting in an larger maximum energy product (BH) max . The best magnetic properties, J r = 0.78 T, H ci (coercivity) = 923.4 kA/m, and (BH) max = 98.5 kJ/m 3 , were obtained from the Nd 8 YFe 72 Ti 2 Zr 2 B 15 ribbon spun at V s = 4 m/s and annealed at 700°C for 10 min, which is composed of Nd 2 Fe 14 B, α-Fe, and amorphous phase.