PURPOSE: To retain the predetermined coercive force and to increase the maximum energy product by specifying the quantity of oxygen and carbon included in MM-Sm-Pr-Co alloy of a specified composition to compose the intergranular structure of an RCo5 phase and a surface phase of an RCo7 phase.

CONSTITUTION: Misch metal MM is used as a rare earth element and for the magnet material, one that has the composition of expressed by a chemical formula specified by a formula and the content of oxygen is 6,000ppm or less and that of carbon is 1,000ppm or less and the total of the contents of oxygen and carbon is 6,500ppm or less is used to perform compression molding using a pressing machine in a magnetic field followed by baking. Thus, the crystal structure composed of a surface layer of an RCo7 phase in the vicinity of a boundary of crystal grains and the structure composed of an RCo5 phase in the crystal grains are formed. Then, the material of a permanent magnet material offering IHc of 10KOe or more and (BH)max of 26MGOe or more can be obtained.