In this review, some of selected theoretical and experimental studies on anisotropic nanocomposite permanent magnets are discussed. In order to achieve a large energy product surpassing those of anisotropic sintered Nd Fe B magnets, magnetic anisotropy of Nd 2 Fe 14 B dose not seem to be sufficiently large whereas strategic consideration of natural resources requires usage of Fe Nd based hard magnetic phases. As a future direction of research, it is proposed that composite magnets may be pursued as a means of reducing rare earth contents in a rare earth magnets, as was successfully achieved in the case of isotropic nanocomposite permanent magnets based on the Nd Fe B system. To realize sizable coercivity in the anisotropic nanocomposite magnets, domain wall movement should be pinned by internal microstructure in the hard magnetic phase, which eventually leads to requirement of intrinsic pinning of very narrow domain walls in the hard magnetic phase with a large anisotropy constant.