Magnetic properties and microstructure of nanocrystalline $alpha$-(Fe, Co)-based Nd-(Fe, Co)-B-Nb-Cu alloys have been investigated. $Nd_x(Fe_{0.9}Co_{0.1})_{90-x}B_6Nb_3Cu_1$(x=2, 3, 4, 5, 6) alloys prepared by rapid solidification process show amorphous phase except the one with x=2. By a proper annealing, the amorphous in the alloy is changed to a nanocrystalline phase. It is confirmed that the nanocrystalline alloys are composed of $alpha$-(Fe, Co) and $Nd_2(Fe, Co)_{14}B_1$ phase. The optimally annealed $Nd_3(Fe_{0.9}Co_{0.1})_87B_6Nb_3Cu_1$ alloy shows the highest remanence of 1.55 T. The coercivity increases with the increase of Nd content The maximum coercivity of 4.6 kOe is obtained from an optimally annealed $Nd_6(Fe_{0.9}Co_{0.1})_84B_6Nb_3Cu_1$ alloy, resulting in the maximum energy product of 10.6 MGOe.