Full　dense　isotropic　and　anisotropic　Nd2Fe14B/α-Fe　nanocomposite　magnets　were　prepared　via　sonochemistry　method,　spark　plasma　sintering　(SPS)　and　hot　deformation　method.　The　effects　of　α-Fe　volume　fraction　on　the　structure　and　magnetic　properties　of　the　magnets　were　investigated.　For　the　isotropic　magnets,　the　exchanging　coupling　and　remanence　increase　as　the　α-Fe　content　increases.　For　the　anisotropic　magnets,　only　the　magnets　with　no　more　than　2%　α-Fe　exhibit　strong　c-axis　crystal　texture　of　Nd2Fe14B　phase,　and　the　better　magnetic　properties　are　Br=1.367　T,　Hci=712　kA/m,　(BH)m=　327　kJ/m3.