This paper studies the present status of industrial chain of Nd-Fe-B permanent magnetic materials in Shanxi province from through picturing industrial chain of Nd-Fe-B permanent magnetic materials. This industrial chain has been promoted by national macroscopic policies, market demand and Shanxi's industrial policies, but impacted by low technical research capability, absence of capital, rigid system, and low industrial concentration. This paper presents paths to industrial development of Nd-Fe-B permanent magnetic materials for Shanxi from four aspects, increasing self-innovation capability, boosting supportive funds, optimizing investing & financing system, upgrading industrial concentration level and improving auxiliary industrial construction, and developing circular economy. As a new strategic industry, Nd-Fe-B permanent magnetic materials may contribute to Shanxi's economic transformation and searching for alternative industry. 