We report the core/shell type as the interesting one of the various techniques to prepare exchange-coupled permanent magnet. In this study, the exchange-coupled Nd2Fe14B/CoFe was prepared by ball mill method and chemical reduction. Nd15Fe77B8 powder was prepared by ball milling and the as-milled powder was coated with CoFe nanoparticle by chemical reduction. After annealing, Nd2Fe14B/CoFe forming core/shell shape was identified by using FE-SEM, XRD, TMA, and VSM.