Disclosed herein is a permanent magnet comprising: a plurality of aligned iron nitride nanoparticles wherein the iron nitride nanoparticles include α″-Fe16N2 phase domains; wherein a ratio of integrated intensities of an α″-Fe16N2 (004) x-ray diffraction peak to an α″-α″-Fe16N2 (202) x-ray diffraction peak for the aligned iron nitride nanoparticles is greater than at least 7%, wherein the diffraction vector is parallel to alignment direction, and wherein the iron nitride nanoparticles exhibit a squareness measured parallel to the alignment direction that is greater than a squareness measured perpendicular to the alignment direction.