Periodic spindle-unit boron nitride (BN) nanotubes with buglelike open-end tips have been found in the product by nitriding Fe-B nanoparticles at 1100℃ with a mixture of nitrogen and ammonia gas. The microstructure was well-characterized by high-resolution transmission electron microscopy (HRTEM) and energy-dispersive X-ray spectroscopy (EDX). The diameter of this BN nanotube shows a decreasing tendency along the growth direction. For each spindle unit, the outer diameter decreases steeply and then increases gradually, accompanied by thinning of the wall thickness along the growth direction. Some spindle units are partially occupied by the iron-containing catalyst particles at the hemispherical-like ends. An improved stress-induced sequential growth model has been reasonably deduced accordingly, with which the formation process of this novel BN nanostructure could be well understood.