The interaction of domain walls with microstructural features in sintered Fe‐Nd‐B magnets has been investigated by Lorentz microscopy using a high‐voltage transmission electron microscope. Grain boundaries that are normal to the wall do not affect the progress of a moving wall, while those that are parallel to the wall interact strongly. The effect of the grain boundary Nd‐rich fcc phase on the movement of the wall appears to depend upon the thickness of the fcc phase. Inclusions inside the matrix phase that are within 1000 A˚ interact with the walls to pin them, while larger inclusions do not. It is suggested that a uniform distribution of inclusions with magnetic properties very different from that of the 2‐14‐1 phase be used to pin domain walls in order to improve the temperature dependence of the intrinsic coercivity and remanence.