Zn-6Sn-5Bi alloy was used to solder DP1180 steel and NdFeB permanent magnet coated with Cu and Ni, and the microstructures and mechanical properties of the soldered joints under different coating conditions were compared and analyzed. Results show that for the soldered joint of sintered NdFeB permanent magnet with Cu coating and DP1180 steel, Cu diffuses in the solder and reacts with Zn and Fe to form brittle intermetallic compounds, resulting in cracks and holes in the soldering seam. The shear strength of the soldered joint of sintered NdFeB permanent magnet with Cu coating and DP1180 steel decreases to 52.3 MPa, compared with that without Cu coating (61.9 MPa). For the soldered joint of sintered NdFeB permanent magnet with Ni coating and DP1180 steel, Ni is concentrated at the interface of NdFeB side, different diffusion layers are formed due to the diffusion of Sn and Bi, and the shear strength of soldered joint increases to 78.1 MPa.