Anisotropic　nanocrystalline　Nd-Fe-B　magnets　were　successfully　prepared　by　hot　rolling　technique.　A　systematic　study　of　the　microstructure,　texture,　and　magnetic　properties　of　hot-rolled　(HR)　Nd-Fe-B　magnets　was　conducted　to　gain　an　insight　into　the　deformation　process.　The　results　indicate　that:　the　hot-rolled　magnets　have　good　uniformity　after　one-step　rolling　of　the　cold　pressed　precursors.　As　the　deformation　increases,　the　Br　and　(BH)max　increase　from　7.1　kG　to　11.9　kG　and　from　10.9　MGOe　to　30.1　MGOe,　respectively.　Platelet　grains　were　gradually　formed　and　arranged　in　the　fine　grain　region,　resulting　in　a　c-axis　texture.　During　the　deformation　process,　fine　grain　region　of　the　rare-earth-rich　phase　was　rapidly　squeezed　into　the　coarse　grain　region,　which　deteriorated　the　magnetic　properties.　The　microstructural　evolution　and　deformation　processes　of　hot-rolled　Nd-Fe-B　magnets　were　analyzed.　The　conclusion　was　that　the　process　of　deformation　involved　melt-spun　ribbon　densification,　dissolution-precipitation,　anisotropic　grain　growth,　and　grain　alignment.　Additionally,　the　preparation　process　and　development　prospects　of　hot-rolled　magnets　were　also　discussed.　©　2023　The　Author(s)