Since development of rare earth magnet,the maximum energy product of the 3rd generation of rare earth permanent magnets(NdFeB) has been approched the theoretical maximum value,which could not satisfy the development of high technology.The study on exchanging coupled nanocomposite material hasn't obtained significant progress.The development of rare earth magnets is discussed in this paper.In addition,the methods of overcoming difficulties of nanocomposite material are discussed.