MnBi with low temperature phase was fabricated by melt-spinning and subsequently annealing. The influence of quenching speeds, compositions and annealing conditions on the formation of low temperature phase MnBi was systematically investigated. It was found the amorphous MnBi ribbons could transform into low temperature phase by heat treatment in a temperature range of 533–593 K. The coercivity of MnBi was greatly improved by porphyrization, and exhibited a positive temperature coefficient. The maximum energy product BHmax of the anisotropic bonded magnet is 7.1 MGOe (56 kJ/m3) and 4.0 MGOe (32 kJ/m3) at room temperature and 400 K.