We present an experimental study of the magnetic properties and magnetic microstructure in the nanocrystalline hard magnet Tb. Field-dependent small-angle neutron scattering (SANS) data suggest that up to applied fields of several Tesla the magnetization remains 'locked in' to the basal planes of the hcp crystal lattice of each individual crystallite; as a consequence, domain-wall movement along the basal planes is eliminated as a mechanism for magnetization reversal, and the coercive field is substantially increased.Introduction The dependence of the magnetic properties of nanocrystalline hard magnets on the nanoscale microstructure is the subject of current research. Micromagnetics computer simulations (for instance, Ref.[1]) predict remanence and coercivity in qualitative agreement with experimental data, but their predictions have not been verified on a microscopic scale. This is a consequence of the inadequate lateral resolution of present microscopic techniques (Kerr, magnetic force and Lorentz microscopy) and of their inability to image the magnetic domain structure in the bulk (as opposed to at the surface). At present, the only known technique with a potential to resolve the magnetic microstructure in the bulk and on the length scale of nanometers is magnetic smallangle neutron scattering (SANS). SANS data have provided insight into the magnetic microstructure of soft magnetic nanocrystalline samples [2][3][4][5], yielding quantitative results for the magnetic microstructure, the exchange-stiffness constant, and the magnitude and microstructure of the magnetic anisotropy [5,6]. We have investigated nanocrystalline Tb as a model nanocrystalline hard magnet; the present paper complements a first report of the scattering data [7] with results of the magnetic characterization.