The effect of Nd addition on the structure, phase transformation and magnetic properties of FePt based alloys was investigated. The results indicated that the transition temperature from ordered FCT to disordered FCC phase decreased with increasing Nd concentration, but for alloys quenched rapidly from the γ phase region into ice-water, it increased with increasing Nd. The Nd element not only effectively reduced the grain size of the ordered phase but also decreased the degree of the ordered phase and refined the grains of the FCC matrix phase. The remanence ratio and coercivity of the FePt based alloy as a function of the Nd content had maximum values, respectively.