(Ce (x) Nd1-x )(32.7)Fe66.22B1.08 (x = 0, 0.2, 0.4, 0.6, 0.8 and 1.0) ribbons were prepared by melt spinning, and the effect of substitution of Ce for Nd on their microstructure and magnetic properties was investigated. Especially, the phase compositions and microstructures of the ribbons were examined by Mossbauer spectrometry and transmission electron microscopy, respectively. The results indicated that the coercivity (H (ci)) and remanence (B (r)) of the ribbons decreased with the increase of Ce content. However, an abnormal increase of H (ci) was observed in the sample of x = 0.4. This was mainly due to the synergistic effects of the microstructures, the ratio of secondary phases, and the site-preference of rare earth atoms. In this study, the optimal magnetic properties of B (r) = 6.95 kGs, H (ci) = 13.65 kOe and (BH)(max) = 9.56 MGOe were achieved in the (Nd0.6Ce0.4)(32.7)Fe66.22B1.08 ribbon, which indicated that Ce had a great potential to prepare the low cost and high coercivity magnets.