The bonded magnets of (Nd,Pr)10.5-xDyxFe83.5B6 (x=0，1，2) alloys were prepared by melt-spun method. The glass transition temperatures of as-spun ribbons were measured by DSC. The effects of Dy addition on the transition temperature were investigated. It is shown from DSC curves that the glass transition onset temperature, peak temperature and end temperature increase with the Dy addition. The transition temperature range between the onset point and the end point enlarges. The ribbons are crystallized under higher annealing temperature due to their higher thermal stability. The optimum annealing temperature for (Nd,Pr)8.5Dy2Fe83.5B6 alloy with 2at% Dy is 15 °C and 30 °C higher than those for (Nd,Pr)9.5Dy1Fe83.5B6 and (Nd,Pr)10.5Fe83.5B6, respectively. With the Dy addition, the intrinsic coercivity Hcj enhances, but the remanence Br reduces. The magnetic property is: Br=0.638 T, Hcj=611 kA/m, and (BH)m=71.6 kJ/m3