Elemental powders of Nd, Fe and B were mechanically alloyed using a planetary ball mill. The change of structure and particle size was examined. XRD pattern revealed that with prolong milling, the mixture of the powders was transformed to nearly amorphous state. Smaller particle size was observed with prolong milling. Magnetization of the mixture of powders was studied using AGM. The saturation magnetization of the mixture was observed to increase initially and then decrease with increasing milling time. The reduction of the magnetic properties was suspected to be due to surface damage which was incurred by extensive milling. The corrosion rate was observed to be higher for larger particle size (low milling time). This indicated higher mass gain percentage of larger particle size compared to lower particle size. The magnetic properties however, did not should any significant improvement after corrosion effect.