New Iron-Neodymium-Boron base alloys containing hafnium diboride, zirconium diboride and titanium diboride are disclosed. The alloys are subjected to rapid solidification processing technique which produces cooling rates between 10.sup.5 to 10.sup.7 .degree.C.second. The as-quenched filament, ribbon or particulate, powder etc. consists predominantly of a single amorphous phase. The amorphous powder is heat treated above the crystallization temperature into microcrystalline powder which is subsequently ground into ultrafine particles with average size less than 5 microns by attritor or hammer mill. The ultrafine powder particles are simultaneously aligned and cold compacted by the combined action of an applied magnetic field and uniaxial pressure. The green compacts containing particles with mostly aligned grains with their easy magnetization axes parallel to the applied field direction are sintered into bulk forms. The bulk alloy consists of ultrafine grained homogeneous crystalline phase with a large number of aligned magnetic domains. The ultrafine grained structure of the bulk alloy is dispersed with ultrafine particles of hafnium diboride, zirconium diboride or titanium diboride; the bulk alloy shows superior hard magnetic properties including improved coercivity and superior energy product values suitable for many engineering applications at room and elevated temperatures.