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It is difficult to obtain nanoscale grain size and strong texture in hot-deformed magnets simultaneously, which is responsible for the low magnetic properties of nanocrystalline magnets. In this study, a strong texture was realized in a nanocrystalline Nd-Fe-B magnet via a high-stress low-temperature rapid deformation. Strong texture formation is ascribed to the high stress, which promotes the preferential growth of grains by increasing strain energy anisotropy. The nanocrystalline formation is ascribed to the low deformation temperature (below the melting point of the Nd-rich phase) and short deformation time. The effects of deformation temperature and applied stresses on the microstructure and magnetic properties were investigated in detail. Thus, the highest maximum energy product of 43.3 MGOe is obtained.