Provided by the invention is a method for the preparation of a magnetically anisotropic permanent magnet mainly consisting of crystallites of the Nd.sub.2 Fe.sub.14 B phase. The method comprises the steps of:(a) preparing an amorphous alloy of neodymium, iron and boron in molar fractions corresponding to the Nd.sub.2 Fe.sub.14 B phase or a nanocomposite of the Nd.sub.2 Fe.sub.14 B/Fe.sub.3 B or Nd.sub.2 Fe.sub.14 B/Fe system, for example, by the melt-spun method; and (b) subjecting the amorphous alloy of neodymium, iron and boron to a heat treatment in a magnetic field of at least 3 T (tesla) at a temperature in the range from 550 to 800.degree. C. for a length of time in the range from 1.times.10.sup.2 to 1.times.10.sup.4 seconds in an atmosphere of a non-reactive gas or vacuum.