The phase evolution, microstructure, and magnetic properties of melt-spun Pr11Febal.B8-xCx (x =0-8) and Pr11Febal.Co10B6C2 nanocomposites have been investigated. Summarizing the results of x-ray diffraction and thermal magnetic analysis for Pr11Febal.B8-xCx series ribbons, magnetically soft Fe3B and alpha-Fe phases are found to coexist with magnetically hard 2:14:1 phase for carbon-free (x=0) ribbons; three phases, namely, 2:14:1, Pr2Fe17Cy, and alpha-Fe, appear for x=2-6, while 2:14:1 phase is almost not formed in Pr11Febal.C8 ribbons. The optimal magnetic properties of B-r =9.4 kG, H-i(c)=9.3 kOe, and (BH)(max)= 17.3 MGOe are obtained in Pr11Febal.B6C2. Substitution of 10 at. % Co for Fe in Pr11Febal.B6C2 ribbons refines the grain size of the existing 2:14:1, Pr2Fe17Cy, and alpha-(Fe,Co) phases and enhances the magnetic properties of the ribbons to B-r=9.8 kG, H-i(c) 10.4 kOe, (BH)(max)= 19-0 MGOe. (c) 2005 American Institute of Physics.