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The coercivity mechanism of Nd-Fe-B based magnets prepared by a new technique of strip casting was investigated. Different from the traditional magnets, α-Fe phases are difficult to be found in Nd-Fe-B magnets prepared by strip casting. Meanwhile, the rich-Nd phases occur not only near the grain boundaries of main phases, but also within the main-phase grains. Investigation on the magnetizing field dependence of the coercivity for the (Nd0.935Dy0.065)14.5Fe79.4B6.1magnet and the temperature dependence of the coercivity for the Nd14.5Fe79.4B6.1magnet have been done. Results show that coercivities for strip casting magnets are controlled by the nucleation mechanism.