Abstract <p>The paper presents the results of investigation of the magnetization and magnetization reversal processes of sintered Nd–Fe–B type permanent magnets and nanocrystalline anisotropic MQA powder. It is shown how microstructure features determine the processes of magnetization from the thermally demagnetized state and magnetization reversal. The approaches to establishing the prevailing mechanism for the formation of hysteresis properties in permanent magnets based on the estimating of the reversible contribution to the magnetization change Δσ(<i>H</i>) = σ(<i>H</i>) – σ_r(<i>H</i>) and reversal susceptibility in different magnetic states are presented. The anomalous field dependence of the magnetization constructed based on minor hysteresis loops is demonstrated and explained. Using complementary methods, it is shown that the mechanism of magnetization reversal processes in permanent magnets based on the Nd₂Fe₁₄B phase is more complicated than that predicted by models of purely nucleation or pinning.</p>