NdFeB powders produced by melting spun and gas atomization are blended with nylon 12 binder and injected to make bonded magnet. Powder morphological analysis of the two kinds of powder is tested as well as powder size and size distribution. The rheological behaviors of both feedstock are pseudo-plastic fluid. Homogeneity of feedstock matches Boltzmann function and the irreversible loss of residual magnetism accords with exponent function. The critical powder loading rate, homogeneity and the rheological behavior of feedstock made by gas atomization are better than those of the melt spun.