We used consolidation (hot pressing) and deformation (die upsetting) techniques to produce magnetically anisotropic permanent magnets from melt‐spun PryCo100−y−xCxalloys. The primary phase in these magnets (16≤y≤24 at. %) was the hexagonal PrCo5phase. The greatest alignment was obtained for low‐carbon compositions (0≤x≤2 at. %); in particular, Pr18Co81C produced a remanence of ∼8.7 kG and an energy product of 16.9 MG Oe. The addition of 1 at. % carbon enhanced the coercivity (Hcl≊5.9 kOe) by nearly 80% compared to the carbon‐free composition (Hcl≊3.3 kOe). Higher carbon levels (x≥4 at. %) resulted in even larger coercivities (Hcl≥10 kOe) but were accompanied by significantly lower remanences (Br≊6 kG).