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The microstructure-property relationships of melt-spun Fe3B/Pr2Fe14B-type nanocomposites micro-alloyed with Cr and Co, and the effect of the micro-alloying elements on the microstructure and magnetic properties of the nanocomposites are investigated. Increasing content of Pr enhances the coercivity at the expense of remanence and magnetic energy products in Pr4+xFe78-xB18 and Pr4+xFe76-xCr2B18 (x = 0, 0.5, 1) alloys. Combined additions of Cr and Co make the distribution of the grain size more uniform and further improve hard magnetic properties. The optimum magnetic properties are obtained after annealing at 628°C and 658°C for 10 min.