The magnetic performance and mechanical properties including hardness, brittleness, fracture toughness and strength characteristics of the as-sintered and the optimal aged Nd-Fe-B magnets were examined in this work. A new method of Vickers hardness indentation combined with acoustic emission was used to test the brittleness of the magnets.The results show that the magnetic properties of the magnets could be improved through aging treatment, especially the intrinsic coercive force. But it is accompanied by a decrease of strength and fracture toughness. Theoretical calculation confirms that acoustic emission energy accumulated count value could be used to characterize the material brittleness. The bending fracture morphologies of the as-sintered and the optimal aged NdFeB magnets were investigated with the emphasis on the relationship between mechanical properties and microstructure using a field emission scanning electron microscopy (FE-SEM). The research results indicate that the intergranular fracture is the primary fracture mechanism for both as-sintered and optimal aged NdFeB magnets. Aging treatment changes the morphology and distribution of the Nd-rich phases, reducing the sliding resistance between Nd2Fe14B main crystal grains and lowers the grain boundary strength, which is the main reason for the strength and fracture toughness decrease of the aged Nd-Fe-B magnets.