The　correlation　between　microstructure　and　magnetic　properties　of　2:　17　SmCo　commercial　magnets　32　H　and　32　L　is　studied.　The　32　H　magnet　with　high　coercivity　has　an　excellent　(00l)　orientation　texture,　and　its　magnetic　properties　are　(BH)(max)　=　29.47　MGOe,　B-r　=　11.20　kG,　and　H-cj　=　29.45　kOe.　The　magnetic　properties　of　the　32　L　magnet　with　low　coercivity　are　(BH)(max)　=　29.28　MGOe,　B-r　=　11.40　kG,　and　H-cj　=　9.829　kOe.　The　electron　probe　microanalysis　results　show　that　a　Cu-lean　grain　boundary　region　is　obvious　in　the　32　H　magnet,　which　affects　the　squareness　of　the　demagnetization　curve.　The　transmission　electron　microscope　result　shows　that　the　cell　size　and　cell　boundary　thickness　of　high　and　low　coercivity　magnets　are　129.32　and　9.83,　and　90.94　and　7.87　nm,　respectively.　But　the　cell　structure　of　the　32　H　magnet　is　more　complete　and　clearer　than　that　of　the　32　L　magnet.　The　difference　of　the　Cu　concentration　between　the　cell　boundary　phase　and　cell　phase　in　the　32　H　magnet　is　bigger　than　that　of　the　32　L　magnet,　which　is　really　responsible　for　the　high　coercivity.