PURPOSE: To obtain a permanent magnet material of a rare earth magnet allay having high 4πIs and simultaneously good in the rectangular properties of a demagnetization curve by specifying the compsn. constituted of rare earth elements, Cu, Fe, Zr, C, Al and Co.

CONSTITUTION: This is a permanent magnet material having a compsn. contg., by weight, 24 to 27% R (one or more kinds of rare earth elements with Sm as the nucleus), 4 to 7% Cu, 15 to 20% Fe, 2 to 5% Zr, 0.005 to 0.10% C and 0.001 to 0.2% Al, and the balance Co with inevitable impurities, and in which the improvement of magnetic propertes is attained by adding C and Al to R2Co17 intermetallic compounds. Furthermore, this material has ≥10KOe coercive force iHc, and in which the rectangular properties of a demagnetization curve shows ≥0.5 by Hk/iHc and the average cell size of the two phase separation structure lies in the range of 600 to 5000.