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A component of a rare earth permanent magnet material and a manufacturing method thereof are provided. The rare earth permanent magnet material is Re (x) Fe (100-x-z-a-b-c) B (z) Nb (a) Al (b) M (c) at atom percentage, wherein x=12-16, z=5.5-6.5, a=0.05-1, b=0-0.8, c=0-3, Re represents rare earth elements including one or more kinds of elements out of Nd, Pr, Gd, Ho, Dy and Tb, and M is one or more kinds of elements out of Co, Cu, Ga, Zr and Si. The additive Nb can increase the intrinsic coercive force (Hcj), enhance rectangular degree of J-H demagnetization curve, and improve temperature stability of the product. And the additive Nb can reduce the consumption of Dy and Tb, and reduce the cost of material.