Magnetic materials containing praseodymium

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A magnetic material containing praseodymium has the ternary alloy PrFeB as the primary component. Through an appropriate adjustment of composition, the magnetic material has both high remanent magnetization and magnetic energy prone to magnetization. The rare earth element praseodymium has the characteristics of easy availability and low price as compared to the rare earth element neodymium, and therefore is used to accomplish a low-cost economic benefit and good low-temperature magnetic properties of the high-performance magnetic material. Moreover, praseodymium is replaced with a trace of neodymium to enhance the remanent magnetization of the alloy ribbon. Through addition of refractory element, the microstructure of the alloy ribbon can be improved to enhance the magnetic energy thereof.