The anisotropy of hydrogenation–disproportionation–desorption–recombination (HDDR) method to form Nd2Fe14B powders was effectively improved by annealing the strip casting (SC) alloy precursors at 1080 °C. According to the analysis of the evolution of microstructure, the excellent anisotropy was attributed to the nearly consistent orientation of the nanoscale Nd2Fe14B grains in the HDDR magnetic powders, which perfectly inherited that of the coarse grains in the treated SC alloy flakes. In contrast, for the untreated specimen, more nanoscale clusters of different orientations were generated after smashing and HDDR treatment of fine columnar Nd2Fe14B grains with different orientations in the original SC alloy, severely affecting the anisotropy of the magnetic powders. This study provides new insights into the development of high-anisotropy and high-performance Nd-Fe-B magnets.