The thermomagnetic analysis of a hybrid Pr2(Fe,Co)14B/Pr(Co,Fe)5 magnet has revealed that two major events take place at 505degC and 975degC. Most likely, the 505degC event is the Curie temperature of a main phase, while the 975degC event is the Curie temperature of a minor phase. In addition, a few minor events were detected at 313, 772, and 872degC, indicating that hybrid magnets may have complex phase structures. Unfortunately, experiment showed that the partial substituting Fe for Co in PrCo5 sharply decreases the intrinsic coercivity of PrCo5, leading to very poor energy product a PrCo5 magnet.