NdFeB nano-crystal powder is made by wet ball-mill ling method. It is found that the method of wet bail-milling is better than dry ball-milling in research. The result of research indicates that when the time of wet ball-milling exceeds 210 hours, the grain will become fine and uniformity, and in the end turn into ball shaped grain, whose diameters are between 80 nm and 120 nm. The main phase finally tums into Nd-Fe-B alloy phase.