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This paper deals with the effect of annealing on the magnetism of the sintered NdFeB magnet with a composition of Nd30B5.1Dy1.2A10.6Nb0.7Fe62.4. Microstructural investigations of the grain size and grain boundaries with SEM were carried out. Microstructural investigations showed the presence of some Nd-rich phase in grain boundaries and main phase.The results of magnetic properties analysis shows that this non-magnetic Nd-rich phase, produced in annealing process,can increase or decrease the magnetism of the sintered NdFeB-type permanent magnet. Appropriate amount of Nd-rich phase will strengthen the pinning field and elevated the coercive force of magnet, but too many these non-magnetism phases in Nd2Fe14B main phase will decrease it. When the sintered NdFeB magnet was annealed at 3Pa and 492℃ for an hour the coercive force would raise from 915.6kA/m to 1164.8kA/m, and the (BH)max from 277.7kJ/m to 349.5kJ/m. However, annealing at a non-optimized temperature at 542℃, microstructure changes in some main phase will leading the decrease of properties.