PURPOSE: To shorten manufacturing time, and what is more, to obtain a magnet having excellent magnetic properties by installing a process which selectively eliminates particles which assume a non-ferromagnetic phase of an M-T compound as a basic subject from particles which assume a ferromagnetic phase as a basic substance with magnetism.

CONSTITUTION: At first, mother alloy is cast, which contains R (R is not less than one substance selected from a rare earth element and contains Sm as an essential element), T (T=Fe, Co) and M (M is not less than one of Nb, Zr, Ti, V, Ta, Mo, W, Hf and Cr.) and consists of R2 and T17 as a main phase. This mother alloy contains 0.1 to 10atom%, and what is more, the volume percentage of a R-T phase, which is R richer than R2T17, should be smaller than the volume percentage of an M-T phase. Then, a rough crash process, a nitriding process and a fine crash process are carried out. Furthermore, the particles which consist of a non-ferromagnetic phase of an M-T compound as a basic substance are selectively eliminated from the particles which consist of a ferromagnetic phase as a basic substance with magnetism, thereby carrying out a magnetic selection process. This magnetic selection process may be carried out after the rough crash process or the nitriding process.