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PROBLEM TO BE SOLVED : To provide a iron-based rare earth alloy nanocomposite magnet having a high coercivity. SOLUTION : The iron based rare earth alloy nanocomposite magnet is expressed by composition Formula (Fe1-mTm)100-x-y-z-n-w(B1-PCP)xRyTizCrnMw, wherein T represents at least one element selected from the group consisting of Co and Ni, and R represents at least one element selected from among a group consisting of yttrium and a rare earth metal elements. The magnet has two or more kinds of ferromagnetic crystal phase including a hard magnetic phase and a soft magnetic phase. The average size of the hard magnetic phase is between or equal to 10 nm and 200 nm, and the average size of the soft magnetic phase is between or equal to 1 nm and 100 nm, so that the hard magnetic phase is larger than the soft magnetic phase. The volume of a R2Fe14B compound phase, acting as the hard magnetic phase accounts for 60% or higher of the overall phase, and the compound phase has a coercive force of 1, 200 kA/m or higher. COPYRIGHT : (C)2006, JPO&NCIPI