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An iron-based rare earth alloy nanocomposite magnet has a composition represented by (Fe1-mTm)100-x-y-zQxRyTiz, where T is Co and/or Ni, Q is B and/or C and R is rare earth element(s) including substantially no La or Ce. x, y, z and m satisfy 10 at %2T14Q type compound having an average grain size of 20 nm to 200 nm and a ferromagnetic iron-based boride that exists in a grain boundary between the crystal grains of the R2T14Q type compound. The boride is dispersed in, or present in the form of a film over, the grain boundary to cover at least partially the surface of the crystal grains of the R2T14Q type compound.