Neodymium magnets are the greatest of the rare-earth magnets. The strength of their magnetic field at the poles ranges from just under 1 tesla (T) to as high as 1.5 T. Because they are cheap - you can get a small neodymium magnet for a single US dollar (USD) - these magnets are used quite frequently in industry and among hobbyists and dabblers. For example, every computer hard drive has a small neodymium magnet which helps direct the needle that reads data. They can also be found in high-end speakers and science classrooms around the world.

One of the only downsides to the neodymium magnet is that its magnetic field loses some intensity when temperatures are too high. This precludes their use in electronics applications in which a lot of heat is generated. There exist versions of the neodymium magnet that perform better under higher temperatures, but in these cases strength must be sacrificed.