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Using electrophoretic deposition (EPD) method, the impact of TbF3 diffusion on the coercivity, microstructure and thermal stability of sintered Nd–Fe–B magnets with different rare earth (RE) content was investigated. In the diffused magnets with the RE content of 34 wt.%, the maximum coercivity about 28.12 kOe with less than 1.44 wt.% Tb was achieved, the coercivity temperature coefficient (β) was improved to -0.50 %/°C from -0.58 %/°C within the temperature interval 25-160 °C, and the maximum operating temperature further increased to about 160 °C. It suggested that TbF3 diffused magnets had much superior thermal stability than the annealed samples. This was attributed to the formation of the Tb-rich (Nd, Tb)2Fe14B phase in the outer region of the matrix grains and the improved Nd-rich grain boundary phase after TbF3 diffusion.