Neodymium iron boron (NdFeB) permanent magnets have high energy product with suitable magnetic and physical properties for an array of applications including power generation and motors. However, synthetic routes of NdFeB permanent magnets involve critical procedures with high energy and needs scientific skills. Herein, we report on soapnut extract mediated synthesis of nanoscale cobalt substituted NdFeB (Co-NdFeB) permanent magnetic powders (Nd: 15%, Fe: 77.5%, B: 7.5% and Co with molar ratios: 0.5, 1, 1.5 and 2). A 10 ml of 10% soapnut extract was added to 90 ml of respective chemical composition and heated to 60 °C for 30 min and aged for 24 h. The dried powder was sintered at 500 °C for 1 h. The characterization of the prepared nanoscale Co-NdFeB magnetic powders was done using the techniques such as Dynamic Light Scattering (DLS for size and zeta potential measurements), X-ray diffraction (XRD) for structural determination, Scanning electron microscopy (SEM) with energy dispersion spectroscopy (EDS) for surface morphological and elemental analysis, Fourier transform infrared spectroscopy (FT-IR) for the identification of functional groups associated and hysteresis loop studies to quantify the magnetization. The results revealed that particles were in irregular and tubular shaped and highly stable (Zeta potential: −44.4 mV) with measured size <100 nm. XRD micrographs revealed a tetragonal crystal structure and FTIR showed predominant N–H and O–H stretching indicates the involvement of these functional groups in the reduction and stabilization process of Co-NdFeB magnetic powders. Hysteresis studies signify the effect of an increase in Co concentration.