The magnetic and structural properties of rapidly quenched FePr(BSi) alloys are presented. The samples are usually magnetically soft in the as‐quenched state. However, large coercive fields in the range of 5–20 kOe are developed upon heating the samples to a temperature around 700 °C. The best properties have been obtained on a Fe76Pr16B5Si3sample with a maximum energy product (BH)m&bartil;12 MGOe. This value is much better than that of AlNiCo and makes these materials outstanding as cobalt‐free permanent magnets.