In　this　paper,　microstructure,　micromagnetic　structure,　texture,　together　with　magnetic　properties　of　the　hot-deformed　(HD)　Nd-Fe-B　magnets　were　systematically　studied　to　understand　the　deformation　process　and　the　formation　mechanism　of　c-axis　texture.　The　results　show　that　the　platelet　grains　are　formed　in　the　fine-grain　regions　at　the　initial　stage　of　the　deformation.　As　the　amount　of　deformation　increases,　the　proportion　of　platelet　grains　increases　and　arranges　gradually,　causing　the　formation　of　c-axis　texture,　till　the　grain　merging　occurres　when　the　deformation　is　excessive.　It　should　be　noted　that　the　rare　earth-rich　phase　in　the　fine-grained　region　slowly　diffuses　to　the　coarse-grained　region　where　only　grain　growth　can　be　observed　during　deformation.　The　deformation　mechanism　and　formation　of　c-axis　texture　in　HD　Nd-Fe-B　magnets　can　be　deduced　to　be　accomplished　by　the　processes　of　dissolution-precipitation　diffusion,　grain　rotation　and　grain　arrangement,　based　on　the　characterization　of　microstructure　and　texture　evolution.　Also,　approaches　to　optimize　the　preparation　process　and　magnetic　properties　of　the　hot-deformed　Nd-Fe-B　magnets　were　discussed.　©　2021