A new binder system and debinding process for low carbon residue in the injection molding of Nd(Fe, Co)B powder are investigated. In the injection molding of magnetic materials, it is demanded to reduce carbon residue which deteriorates their magnetic properties. The binder system developed is composed of polyethylene glycols (PEGs) and polypropylene (PP). PEG was selected as a major binder is component to be extracted in a molecular state by solvent extraction in ethanol, which step would leave no residue. PP was selected as a minor binder component to be subsequently removed by thermolysis which step would leave carbon residue. The behaviors of solvent extraction with the variations of PEG molecular weight, temperature, and time were examined. The dependency of residual carbon content on thermolysis atmosphere was also studied. Opened pore channels introduced in a green body by the solvent extraction and microstructures of the sintered magnets were observed using SEM.