Effects of Y and Zr doping on the phase constituent, magnetic properties, and temperature stability for CeFeB alloy were investigated. The results show that CeYFeB alloy consists of the 2:14:1 main phase and a small amount of α-Fe phase. Magnetic properties including coercivity, remanence, and magnetic product energy improve considerably after Y doping. Meanwhile, the temperature stability is enhanced significantly. Due to the excellent intrinsic magnetic properties and higher temperature stability of Y₂Fe₁₄B phase, the remanence and coercivity temperature coefficients are -0.32%/K and -0.41%/K, increasing by 38.5% and 40.6%, respectively, compared to those of the pure CeFeB alloy. After the Y and Zr co-doping, the coercivity, remanence, and magnetic product energy improve greatly, increasing by 30.9%, 58.1%, and 204.8%, respectively, compared to those of pure CeFeB alloy, because of the joint effects of enhanced magnet crystalline anisotropic field and refined grain size.