Microstructure and magnetic properties of the Nd-Fe-B ribbons prepared by melt-spinning technique have been studied. A new structural state of the material was observed. This state is characterized by large crystallites of about 1 μm size which are composed of aligned precipitates of approximately 50 nm, separated by amorphous layers of 3-5 nm width forming a regular net. The ability to form this structural state promises the development of an industrial scale production method of anisotropic hard-magnetic R-Fe-B powders suitable for bonded magnets.