Directly quenched Nd9.5Fe81Zr3B6.5 nanocomposite permanent magnets were prepared under different melt treatment conditions, i.e., the melt temperature was varied prior to ejection onto the quenching wheel. The effect of quenching temperature on the microstructure and magnetic properties of the alloys was studied by X-ray diffractometry, transmission electron microscopy and magnetization measurements. It is found that a finer and more uniform microstructure can be obtained directly from the melt quenched at lower temperature. With increasing initial quenching temperature, the optimal quenching speed decreases and the microstructure of the ribbons becomes coarser and more irregular. As a result, the magnetic properties of the alloys are deteriorated. It is believed that the break of the pre-existing Nd2Fe14B clusters and decrease in number of the developing nuclei of Nd2Fe14B phase with increase in quenching temperature may be the causes for the change of the microstructure and the magnetic properties of the ribbons.