Nearly compact permanent magnets of nanocomposite Nd2Fe14B/alpha-Fe were prepared by powder hot extrusion of canned cold-pressed compacts in vacuum with cold pressing powders of amorphous Nd2Fe14B and alpha-Fe. The effects of heating time at a extrusion temperature of 950 degrees C on the relative density, microstructure and magnetic properties were investigated by XRD, TEM and VSM, etc. The results show that with increase of heating time, the grain sizes of Nd2Fe14B and alpha-Fe increase. Fine grain sizes of 60 nm and 80 nm for Nd2Fe14B and alpha-Fe, respectively, and high magnetic properties, such as B-r of 0.98 T, H-ci of 305.6 kA/m, and (BH)(max) of 89.8 kJ/m(3) can be obtained at a extrusion temperature of 950 degrees C and heating time of 15 min.