The addition of Co into $Nd_4Fe_{77.5-x}Co_x(HfGa)_yB_{18.5}(0$leq$x$leq$5, y=0, 0.5)4</TEX> was found to enhance the magnetic properties of $Fe_3B/Nd_2Fe_{14}B$ nanocomposite magnets. The enhancement resulted from the fact that Co retarded the crystallization of $alpha$-Fe or Fe3B but accelerated that $Nd_2Fe_{14}B$. The decreased interval between the onset of crystallization temperature of Fe3B and $Nd_2Fe_{14}B$. phases enabled the grain growth of each phase to be uniform dufing a post annealing of the melt spun ribbons. The addition of 3~5 at. % Co into ternary composition $Md_4Fe_{77.5}B_{18.5}$ increased the coercivity (iHc) from 3.27 to 3.54 kOe with the enhanced remanence value (4$pi$Mr) around 11.54 kG. From the ribbon magnets of Nd4Fe71.5Co5Hf0.5B18.5 made at 26 m/sec and annealed at 68$0^{circ}C$ for 10 min, the magnetic properties of Br=11.54 kG, iHc=3.54 kOe, and (BH)max=14.35 MGOe were obtained from volume production line.