A method for producing a nanocrystalline rare earth magnet having a grain and a grain boundary phase includes: quenching a melt of a rare earth magnet composition to form a quenched thin ribbon having a nanocrystalline structure; sintering the quenched thin ribbon to obtain a sintered body; heat treating the sintered body at a temperature which is higher than a lowest temperature in a first temperature range where the grain boundary phase diffuses or flows, and which is lower than a lowest temperature in a second temperature range where the grain is inhibited from becoming coarse; and quenching the heat treated sintered body to 200 DEG C or less at a cooling speed of 50 DEG C/min or more.