A nanocomposite magnet has a composition represented by (Fe.sub.1-mT.sub.m).sub.100-x-y-z-nQ.sub.xR.sub.yTi.sub.zM.sub.n, where T is at least one of Co and Ni, Q is at least one of B and C, R is at least one rare earth element that always includes at least one of Nd and Pr and optionally includes Dy and/or Tb, and M is at least one element selected from the group consisting of Al, Si, V, Cr, Mn, Cu, Zn, Ga, Zr, Nb, Mo, Ag, Hf, Ta, W, Pt, Au and Pb. The mole fractions x, y, z, m and n satisfy 10 at %