The effect of a phosphate treatment as a corrosion inhibitor for a RE-Iron-Boron magnet has been investigated. The corrosion characteristics of the magnet in a phosphate solution, which consisted of 0.15 M NaH2PO4, were analyzed by electrochemical impedance and electrochemical noise measurements. The immersion of the magnet in the phosphate solution resulted in the formation of a passive layer on its surface causing a prolonged corrosion protection after removal from the solution. The protective layer was found to consist of phosphate/pyrophosphate and oxide by XPS analysis.