The disclosure describes techniques for forming nanoparticles including Fe16N2 phase. In some examples, the nanoparticles may be formed by first forming nanoparticles including iron, nitrogen, and at least one of carbon or boron. The carbon or boron may be incorporated into the nanoparticles such that the iron, nitrogen, and at least one of carbon or boron are mixed. Alternatively, the at least one of carbon or boron may be coated on a surface of a nanoparticle including iron and nitrogen. The nano particle including iron, nitrogen, and at least one of carbon or boron then may be annealed to form at least one phase domain including at least one of Fe16N2, Fe16(NB)2, Fe16(NC)2, or Fe16(NCB)2.