High performance Nd-Fe-B magnets can be manufactured by both sintering and hot deformation. The corrosion behaviors of the magnets prepared by the two processes were compared. Effect of microstructure on the corrosion resistance of Nd-Fe-B magnets was also investigated. A neutral salt spray test (NSS) was performed for the different-processed magnets. The weight losses of the samples after the corrosion test were measured. The corrosion microstructures were observed using a scanning electron microscope. It shows that the corrosion resistance of hot deformed magnets is much better than that of the sintered ones because the grain size and the distribution of Nd-rich phases of the hot deformed magnets are much finer and more uniform than those of the sintered ones. The different microstructure between the sintered and the hot deformed magnets causes the different corrosion behavior.