Nd-Fe-B high performance magnets were prepared by die-upset forging. The effects of the deformation parameters on magnetic properties and flow stress were studied. Deformation temperatures in the range of 600~900 ^oC enable to achieve an effective anisotropy and temperature 800 ^oC proves to be suitable for deformation of Nd-Fe-B magnets. The amount of c-axis alignment along the press direction seems to depend on the amount of deformation and a saturation behavior is shown at deformation ratio of 75%. Magnetic properties are also related to strain rate, and maximum energy product is attained at an optimum strain rate of = 1 × 10⁻² s⁻¹. By analyzing the relationship of stress and strain at different deformation temperature during die-upset forging process, deformation behavior of Nd-Fe-B magnets was studied and parameters for describing plastic deformation were obtained. Nd-rich boundary liquid phase, which is additionally decreasing the flow stress during deformation, is supposed to play the role of diffusion path and enhance the diffusion rate.