The invention discloses a low-cost sintered neodymium boron magnet, which comprises components including, by weight percentage, 5.0-6.5% of Pr (praseodymium), 20-28% of Nd (neodymium), 3-5% of Ho (holmium), 1.0-1.1% of boron, 0.4-0.8% of Al (aluminum), 0.1-0.2 % of Zr (zirconium), 0.4-0.6% of Nb (niobium), 0.12-0.17% of Cu (copper), 0.03-0.08% of Ga (gallium), 0.4-1.0% of Co (carbon monoxide) andthe balance iron. The production method includes: pretreatment of raw materials, ingot casting and smelting, hydrogen decrepitation and pulverization, magnetic field orienting and forming, isostatic processing, sintering, ageing and detecting. In the low-cost sintered neodymium boron magnet, high-cost dysprosium of rare metal is substituted by low-cost holmium of rare metal, so that production cost of products is reduced without affecting magnetic performances of the sintered neodymium boron magnet. Furthermore, the production method is simple in operation, excellent ingot casting structure can be obtained by ingot casting and smelting process, and the high-performance sintered neodymium iron boron magnet can be obtained.