The effect of quenching speed of melt-spinning on intrinsic coercivity ($_iH_c$$) of annealed ribbons and the crystallization behavior from amorphous $Nd_{14.73}Fe_{78.67}B_{6.60}$ alloy have been studied. We have found that the intrinsic coecivity for annealed melt-spun ribbon is reduced with increasing of quenching rate. $alpha$-Fe and $Fe_3B$ were formed as intermediate phases prior to the formation of $Nd_2Fe_{14}B$ phase during crystallization. The $Fe_3B$ is disappeared with crystallization of $Nd_2Fe_{14}B$ phase. But the $alpha$-Fe phase is retained in fully crystallized ribbon by annealing. The intrinsic coercivity loss of annealed ribbon with increasing of quenching speed is believed to be due to existence of soft magnetic phase $alpha$-Fe in annealed ribbons.