The effect of quenching rate on texture formation and magnetic properties of nanocomposite Pr2Fe14B/α-Fe melt-spun ribbons has been investigated. The c-axis texture of Pr2Fe14B phase perpendicular to the ribbon plane was found on free surface of melt-spun ribbons prepared by optimized melt-spun technique. The formation of c-axis texture mainly result from the crystallites of Pr2Fe14B growing up along the flow of heat, which is induced by the contact of melt alloy with the surface of Cu wheel. The texture of Pr2Fe14B phase does not penetrate through the thickness of melt-spun ribbons, and the incompletely textured structure does not bring about remanence enhancement. Anisotropic nanocomposite Pr2Fe14B/α-Fe ribbons were obtained by eliminating the unaligned part of the ribbons melt-spun at 16m/s through acid-etching and polishing the side of ribbons in contact with the roller surface during spinning. Both Br and iHc of the anisotropic ribbon measured along the direction perpendicular to the plane were improved obviously due to the c-axis alignment of Pr2Fe14B phase.