MnBi low‐temperature phase (LTP) with NiAs‐type hexagonal crystal structure exhibits attractive magnetic and structural properties. In contrast to most of the ferromagnetic materials, coercivity of the LTP MnB increases with increasing temperature, which is above 20 kOe at 270 °C, making it a promising candidate as high‐temperature magnet. The high coercivity at high temperature is attributed to its large magnetocrystalline anisotropy and microstructure. In this work, the melt‐spinning MnBi ribbons, its powders, and bulk magnets were used to investigate the high‐temperature properties of MnBi compounds. It was found that the high‐temperature properties of the MnBi magnets show strong dependence on the initial composition and forms since there exists always a small amount of extra Bi and Mn/MnO phases in the magnetic powders as a result of the peritectic reaction and processing. It should be noted that the bulk magnets show better stability and magnetic properties compared to the ribbons. In addition, the mechanism of magnetization reversal for the bulk magnet changes with increasing temperature. At
T
= 300 and 350 K, the coercivity is mainly controlled by nucleation, while both inhomogeneous pinning and nucleation determine the magnetization reversal at temperatures higher than 400 K. The impurity phases of Bi and MnO at grain boundaries may act as a pinning center of the domain wall, thus reducing the exchange coupling and enhancing the coercivity at high temperatures.