The microstructure of an explosively compacted Nd-Fe-B permanent magnet(Nd-Fe-B) was investigated by means of TEM and XRD. It is shown that there are three kinds of phases: Nd2 Fe14 B matrix phase, O-rich phases and Nd-rich phase with different structures and compositions in the magnet. The hard magnetic phase Nd2 Fe14 B is tetragonal, which lattice parameters are determined to be a=0. 88 nm and c= 1.22 nm. The O-rich phase locates at the grain boundaries and the triple junctions has fcc structure whose lattice parameter is a=0. 559 nm. A dislocation is observed in this phase. It is also found that a large number of the block-shaped Nd-rich phases with hcp structure are embedded in the Nd2 Fe14B matrix or at grain boundary. Their lattice parameters are determined to be a=0. 395 nm and c=0.628 nm.