In this study, a hot forging process is applied to Nd-Fe-V as cast alloys in order to develop both the microstructure and the crystallographic texture appropriate for permanent magnet properties. A neutron diffraction texture analysis is used to account for the extrinsic magnetic anisotropy: the stabilisation of the Nd(Fe,V)(12) hard magnetic phase has been achieved during forging but its extrinsic anisotropy level remains low. Attempts to understand this phenomenon are made through a discussion on the Nd-Fe-V alloy rheological and mechanical behaviour and a comparison with Nd-Fe-B permanent magnets.