MnBi alloys were fabricated by arc melting and annealing at 573 K. The heat treatment enhanced the content of the low-temperature phase (LTP) of MnBi up to 83 wt%. The Bi-excess assisted LTP MnBi alloys were used in the hybridization with the Nd-Fe-B commercial Magnequench ribbons to form the hybrid magnets (100-x)NdFeB/xMnBi, x = 20, 30, 40, 50, and 80 wt%. The as-milled powder mixtures of Nd-Fe-B and MnBi were aligned in a magnetic field of 18 kOe and warm-compacted to anisotropic and dense bulk magnets at 573 K by 2,000 psi for 10 min. The magnetic ordering of two hard phase components strengthened by the exchange coupling enhanced the Curie temperature (T_c) of the magnet in comparison to that of the powder mixture sample. The prepared hybrid magnets were highly anisotropic with the ratio M_r/M_s > 0.8. The exchange coupling was high, and the coercivity iHc of the magnets was ~11-13 kOe. The maximum value of the energy product (BH)_max was 8.4 MGOe for the magnet with x = 30%. The preparation of MnBi alloys and hybrid magnets are discussed in details.