In this study, we fabricated $Nd_2Fe_{14}B$ hard magnetic powders with various sizes via spray drying combined with reduction-diffusion process. Spray drying is widely used to produce nearly spherical particles that are relatively homogeneous. Thus, the precursor particles were prepared by spray drying using the aqueous solution containing Nd salts, Fe salts and boric acid with the target stoichiometric composition of $Nd_2Fe_{14}B$. The mean particle sizes of the spray-dried powders are in the range from one to seven micrometer, which are adjusted by controlling the concentrations of precursor solutions. After debinding the as-prepared precursor particles, ball milling was also conducted to control the particle sizes of Nd-Fe-B oxide powders. The resulting particles with different sizes were subjected to subsequent treatments including hydrogen reduction, Ca reduction and washing for CaO removal. The size effect of Nd-Fe-B oxide particles on the formation of $Nd_2Fe_{14}B$ phase and magnetic properties was investigated.