To obtain high magnetic properties in the case that an R-T-B based sintered magnet having a low oxygen content is produced.

Fine powder in which the content of oxygen is ≤3,000 ppm, and also, the number of multi-magnetic domain particles to the whole of the powder is ≤30% is subjected to compacting in a magnetic field to produce a compact, and the compact is sintered. The fine powder can be obtained through a stage where a raw material alloy lump is pulverized to a prescribed particle diameter to obtain first pulverized powder, and a stage where the first pulverized powder is further pulverized in a pulverization atmosphere having an oxygen concentration of ≤500 ppm using a collision type jet mill to obtain second pulverized powder. In the second pulverized powder, the number of fused particles obtained by the fusion of a plurality of particles is ≤30% to the whole.

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