Understanding the coercivity mechanism has a substantial impact on developing novel permanent materials. However, the current coercivity mechanisms used widely in permanent alloys cannot explain well the amorphous phase produced hard magnetic behavior of Nd-based bulk amorphous alloys (BAAs). Here, we propose that the coercivity in as-cast Nd60Fe30Al10 alloy is from the combination of magnetic interaction and strong pinning of domain walls. Moreover, the role of domain wall pinning is less affected after crystallization, while the magnetic interaction is dependent on the annealing temperature. Our findings give further insight into the coercivity mechanism of Nd-based bulk ferromagnets and provide a new idea to design prospective permanent alloys with coercivity from the combination of magnetic interaction and pinning of domain walls.