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A direct chemical synthesis scheme for the fabrication of isotropic and anisotropic rare earth (RE) -transition metal (TM)- based permanent magnets is disclosed. The method according to the invention permits the synthesis of, e.g., particles, films and coatings with controlled particle sizes, shapes, compositions and dispersion in one reaction process. The resulting particles have desirable hard magnetic properties such as high magnetic saturation induction and coercivity at room temperature.