Magnetic properties and microstructures of melt spun misch metal-ferroboron alloys were investigated. The major phase is the tetragonal (rare earth)$_2Fe_{14}B$ phase. Magnetic properties showed coercivity of 5.6 kOe, remanence of 7.85 kG, and so energy product 8.9 MGOe. Microsturctures in optimum properties showed that matrix was composed of Ce-rich phase while second phase La-rich-oxygen phase with less amount of Fe element than matrix, and triple junction with La-rich phase contrary to matrix.