The magnetic properties of ball-milled TbFe2 and TbFe2B were studied by magnetization measurements. X-ray diffraction studies on TbFe2B showed that boron occupied interstitial position in the crystal structure, just as hydrogen did. The value of the saturation magnetization of TbFe2B was found to be smaller than that of TbFe2. This is explained on the basis of a charge transfer between the boron atoms and the 3d band of Fe. The anisotropy of TbFe2B was found to be large compared to that of TbFe2. X-ray diffractograms for the ball milled samples showed that after 80 h of milling, a predominantly amorphous phase was obtained. TbFe2B was found to undergo easy amorphization compared to TbFe2. Magnetization of TbFe2 was found to decrease rapidly with initial milling hours and was found to be constant with further hours of milling. TbFe2B exhibited an anomalous behaviour with an increase in moment with milling hours and this may be due to the segregation of α-Fe.