Useful permanent magnet materials are formed by processing molten alloys of cerium, iron, and boron to form permanent magnet compositions with appreciable coercivity and remanence. For example, Ce16.7Fe77.8B5.6 has been produced with coercivity, Hci of 6.18 kOe and remanence, Br of 4.92 kG. In one practice, streams of the molten alloy are rapidly quenched (e.g., by melt spinning) to form magnetically-soft melt-spun material which is suitably annealed to obtain permanent magnet properties. In another practice, the streams of molten alloy are quenched at a predetermined quench rate to directly obtain permanent magnet properties in the cerium-iron-boron material.