This article reports current studies on nanocomposite magnets and a newly developed route for their preparation, known as crystallization of amorphous alloy under high pressure (CAAHP). The microstructure and magnetic properties of nanocomposite magnets prepared by CAAHP are presented, and the influences of pressure on the microstructures of the magnets are discussed. α‐Fe/Sm2(Fe,Si)17Cx nanocomposite magnets with a grain size <10 nm have been successfully prepared by CAAHP, and a maximum energy product of about 25 MGOe is obtained.