Abstract: Pr1-xLaxCo5-y (x=0, 0.15. 0.25, 0.35,1.0, y=0.5, 0.7, 0.9, 1.0) alloys were investigated. The effect of the variation of x and y on magnetic properties and thermal stability of the alloys were studied. The magnetic properties for the Pr0.85La0.15Co4.3 and Pr0.75La0.25Co4.1 magnets are iHc=368 kA/m, Br=0.91 T, (BH)max=145.6 kJ/m3, αBr=-0.03%/℃ and iHc=568 kA/m,Br=0.8 T, (BH)max=127.2 kJ/m3,αBr,=-0.06%/℃, respectively The phase structures of as-cast alloys and magnets were investigated