By adding 1wt.% $HfB_{2}$ into $Nd_{3-4}Fe_{77-78.5}B_{18.5}$ alloys, the grain growth of $Fe_{3}B/Nd_{2}Fe_{14}B$ composite phases during annealing was found to be hindered by 40~50%. It is proposed that the addition of $HfB_{2}$ leads to the formation of fine dispersoids of $HfB_{2}$ in the $Fe_{3}B/Nd_{2}Fe_{14}B$ composite magnet. The maximum energy product($(B.H)_{max}$) as well as intrinsic coercivity($_{i}H_{c}$) for the $Nd_{3}Fe_{78.5}B_{18.5};+;1wt.%;HfB_{2}$ alloy were enhanced by more than 25% $(B.H)_{max}=10;MGOe,;_{i}H_{c}=2.5;kOe)$ due to the addition of $HfB_{2}$ while remanent magntization($B_{r}$) was reduced slightly. Itis deduced that the formation of fine dispersoids will also play a role of magnetic domain pinning.