Neodymium (NdFeB) permanent magnets play a key role in motors and other devices, and are important to both defense and civilian industrial uses; however, due to the limited rare earth resources, the issue of recycling waste NdFeB magnets to achieve sustainable development has attracted much attention. An innovative and valid method for the recycling of waste NdFeB magnets is demonstrated in this study. Recycled sintered NdFeB permanent magnets were prepared on a large scale up to 100 kg per batch by adding NdCoGa ternary rare earth alloy to waste wind turbine NdFeB magnets, and their magnetic properties, corrosion resistance and high temperature aging characteristics were evaluated. The recycled magnets were manufactured by mixing waste magnets A, B, and NdCoGa alloy according to weight percentage ratio of 90:7:3 respectively. Through BH Curve measurement and FE-EPMA qualitative element analysis, the differences in the magnetic properties and microstructure before and after adding the NdCoGa elements were observed. The results show that the magnetic properties of waste magnet A are Br = 12.60 kG, iHc = 18.92 kOe and (BH)max = 39.19 MGOe; the magnetic properties of waste magnet B are Br = 12.77 kG, iHc = 18.15 kOe and (BH)max = 40.25 MGOe. In contrast, the magnetic properties of the recycled magnets prepared in this study are Br = 12.63 kG, iHc = 18.72 kOe, and (BH)max = 39.95 MGOe, indicating that the proposed process restores the magnetic properties of the recycled magnets to the level of the original waste magnet. Also, a brand new commercial N40H magnet is further used as a control group, where the corrosion resistance and high temperature aging characteristics of bare materials were evaluated by Pressure Cooker Test (PCT), and oven/flux meter respectively. The results show that the average corrosion weights per unit area are 0.89 mg/cm2 and 1.23 mg/cm2, as well as the demagnetization rate of the high temperature aging is less than 0.4%. Compared with the new magnet, the recycled magnet has the same level of high temperature aging resistance, and 28% higher corrosion resistance. As a result, adding only 3% NdCoGa alloy to the waste magnet is beneficial to restore the magnetic properties and high temperature aging resistance, up to the level of new magnets, and also greatly enhances its corrosion resistance and reduces the cost of magnet remanufacturing. This result indicates that the recycled NdFeB permanent magnets developed in this research are more suitable for offshore wind turbine generators and electric vehicle motors operating at high temperatures and high humidity for a long period of time.