Since　the　magnetic　properties　of　waste　bonded　Nd-Fe-B　magnets　are　diluted　by　polymer　binders,　the　binders　need　to　be　separated　to　obtain　pure　Nd-Fe-B　magnetic　powders.　In　this　work,　we　used　alkaline　alcohol　solution　to　recycle　waste　bonded　Nd-Fe-B　magnets.　The　relationship　between　the　decomposition　effect　of　the　binder,　the　magnetic　properties　of　the　recycled　Nd-Fe-B　powder　and　the　treatment　conditions　was　studied.　The　results　showed　that　the　increase　of　reaction　temperature　and　alkali　concentration　was　conducive　to　the　thorough　removal　of　the　epoxy　resin　binder,　so　as　to　improve　the　magnetization.　In　ethylene　glycol　solution　with　3　mol/L　NaOH　at　90　degrees　C　for　8　h,　the　saturation　magnetization　of　the　recycled　Nd-Fe-B　powder　reached　99.22　%　of　the　original　Nd-Fe-B　powder.　However,　coercivity　decreased　78.14　%　at　180　degrees　C　compared　to　waste　powder.　To　study　the　reason　of　coercivity　deterioration　of　recycled　Nd-Fe-B　powder,　the　structure　changes　of　recycled　Nd-Fe-B　powders　were　studied.　Under　alkaline　condition,　passivation　layer　was　formed　on　the　surface　of　Nd-Fe-B　powder.　When　the　temperature　rose,　pitting　corrosion　occurred　on　the　passivation　layer,　and　the　solution　diffused　into　the　Nd-Fe-B　powder,　resulting　in　the　decomposition　of　Nd2Fe14B　phase　and　the　accumulation　of　alpha-Fe.　The　weakening　of　exchange　coupling　between　soft　and　hard　phases　led　to　the　decrease　of　coercivity.　Therefore,　there　was　a　mutually　restricted　relationship　between　the　removal　effect　of　binder　and　the　magnetic　properties　of　NdFe-B　powder.　By　controlling　suitable　recovery　conditions,　high　performance　recycled　Nd-Fe-B　nanocrystalline　powder　can　be　obtained.