The effect of two kinds of forming pressure- 11.54 MPa and 9.23 MPa on microstructure and magnetic properties of Nd-Fe-B magnet has been studied at production line for Φ9. 5 mm sintered Nd-Fe-B magnet (/% ： 31.00Pr + Nd

1.20B

0.20Al

remainder Fe) manufactured by dry process. Results show that with increasing forming pressure the unevenness of grain size distribution is improved and the grain orientation increases in order to increase remained magnetic induction intensity and magnetic energy product of sintered magnet ； but with increasing forming pressure the grain size increases in order to decrease the intrinsic coercive force of magnet.