SmFeN magnetic material uses abundant rare-earth Sm element instead of expensive elements of Nd, Dy, Co, etc, and is the most cost-effective rare earth permanent magnetic material. Compared with the bonded neodymium magnet, the bonded SmFeN magnet has higher magnetic properties and lower prices. Moreover, curie temperature, corrosion resistance, and thermal stability of smfen magnets perform much better than bonded neodymium magnet. Bonded smfen magnets as an alternative of bonded neodymium magnet have broad application prospects.