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The influence of Zr addition on the microstructure and magnetic properties of nanocomposite Nd10.5Fe78-xCo5ZrxB6.5 (x=0～5) alloys was investigated. It was found that the intrinsic coercivity could be significantly improved by the addition of 2% (atom fraction) Zr. The presence of small amount of amorphous phase is responsible for the low intrinsic coercivity for Zr-free alloy. The small amount addition of Zr may suppress the growth of grains of α-Fe and Nd2Fe14B phases. The more homogeneous microstructure with an average grain size of 20 nm can be obtained for Nd10.5Fe76Co5Zr2B6.5 alloy.