Disclosed is a thin alloy ribbon prepared by the strip casting method as an intermediate for the preparation of a sintered rare earth-based permanent magnet or in particular, a neodymium/iron/boron-type permanent magnet. The thin alloy ribbon is characterized by a specific volume fraction of the four-phase coexisting region consisting of the .alpha.-iron phase, R-rich phase, R.sub.x T.sub.4 B.sub.4 phase and R.sub.2 T.sub.14 B phase each having an average grain diameter in a specified range and a specific volume fraction of the chill crystalline phase. When these requirements are satisfied, the sintered rare earth-based permanent magnet prepared from the thin alloy ribbons can be imparted with improved magnetic properties and high sintering density even without increasing the sintering temperature.