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The effects of Nb on the microstructure and magnetic properties of (Nd0.9Dy0.1)9.5Fe79-xCo5NbxB6.5(x=0, 1) nanocomposite magnets were investigated. A fine and uniform microstructure was achieved for the ribbons annealed at 710℃ for 4min, enhancing the interaction coupling between grains and improving the magnetic properties. The results of three-dimensional atom probe (3DAP) indicated that Fe-Nb-B inter granular phase existed at the grain boundaries, suppressing the grain growth during the crystallization process. The coercivity was improved from 224 to 643 kA/m for the modification of the microstructure.