Sintered Nd-Fe-B magnets have been widely used due to their excellent magnetic properties, especially for driving motors of hybrid and electric vehicles. The microstructure of Nd-Fe-B magnets strongly affects their magnetic properties, in particular the coercivity. Therefore, a post-sintering process like heat-treatment is required for improving the magnetic properties of Nd-Fe-B sintered magnets. In this study, cyclic heat treatment was performed at temperatures between $350^{circ}C$ and $450^{circ}C$ up to 16 cycles in order to control microstructures such as size and shape of the Nd-rich phase without grain growth of the $Nd_{2}Fe_{14}B$ phase. The 2 cycles specimen at this temperature range showed more homogeneous microstructure which leads to higher coercivity of 35 kOe than as-sintered one.