Melt-spun Nd8Fe78B6Co4 magnetic powders and their bonded magnets were prepared with the optimization of compositions and preparation techniques. The microstructure change of alloy NdFeB and the relation between microstructure and heat-treatment were studied. The heat-treatment temperature is 200～700 ℃. The as-cast structure of the alloy is typically amorphous. Different melt-spun speed and different heat treatment could result in different magnetic properties of NdFeB magnets. Magnetic properties of NdFeB increase with the addition of element Co. The magnetic properties of magnet alloy get the best when the melt-spun speed reaches 23～26 m·s-1, heat treatment temperature is 690 ℃ and time is 30 min.