A nanocomposite magnet containing an Fe particle in the grain boundary of an Nd2Fe14B compound particle is produced by mixing a dispersion of the Nd2Fe14B compound particle in a solvent containing a surface-active agent and a dispersion of the Fe particle in a solvent containing a surface-active agent, and then supporting the Fe particle on the surface of the Nd2Fe14B compound particle by stirring the mixture of the dispersions while adding an amphiphilic solvent, and then performing the drying and the drying and the sintering.