An iron-based rare-earth 
nanocomposite magnet according to the present invention includes an Nd2Fe14B phase and an α-Fe phase and has a composition represented by the compositional formula: T100-x-y-z-n(B1-qCq)xRyTizMn, where T is at least one 
transition metal element selected from the group consisting of Fe, Co and Ni and always including Fe, R is at least one rare-earth element including substantially no La or Ce, and M is at least one 
metal 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, and the mole fractions x, y, z, n and q satisfy the inequalities of: 4 at %≦x≦10 at %, 6 at %≦y≦10 at %, 0.05 at %≦z≦5 at %, 0 at %≦n≦10 at %, and 0.05≦q≦0.5, respectively. The 
magnet includes 5 vol % to 60 vol % of α-Fe phase with an average 
crystal grain size of 1 nm to 50 nm and 40 vol % to 90 vol % of Nd2Fe14B phase with an average 
crystal grain size of 5 nm to 100 nm. A non-
magnetic phase including at least Ti and C (carbon) is present on the 
grain boundary between the α-Fe and Nd2Fe12B phases.