Sintered Nd-Fe-B magnets with different grain sizes are prepared by adjusting rotational speed of the classifying wheel during the jet milling process. The microstructures of the magnets, the element contents of the magnets, the relationship between powder particle size and grain size and the magnetic properties of the magnets are studied by X-ray diffracton (XRD), scanning electron microscopy (SEM), optical microscopy (OM), electron backscattered diffraction (EBSD), inductively coupled plasma (ICP) and permanent magnet tester. The effect of grain size on thermal stability is characterized by the temperature coefficient of coercivity from room temperature to working temperature and the irreversible magnetic flux loss of the magnet at high temperature. The results show that the particle size of the alloy powder decreases with the increase of the rotational speed of the classifying wheel. When the alloy powder is formed and sintered, it is found that the grain size of the prepared magnet decreases with the decrease of the particle size of the alloy powder. The finer the grain size of the magnet, the clearer the grain boundary. As the grain size of the magnet decreases, the coercivity of the magnet increases, the remanence of the magnet decreases slowly and the thermal stability of the magnet becomes better. For the magnet with a rotational speed of the classifying wheel of 4900 r/min, the average grain size of the magnet is 4.70 μm, the coercivity (Hcj) is 15.47 kOe, and the remanence (Br) is14.09 kGs. At a temperature of 80 °C, the coercivity temperature coefficient of the magnet reaches −0.745 %/°C, and the irreversible loss of magnetic flux hirr is 16.49 %. In addition, the magnet prepared by the tail material produced a large number of voids and pores due to the high oxygen content. Tail material is not good enough in terms of magnetic property as well as thermal stability.
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