PURPOSE: To obtain powder for a permanent magnet that is good in the powder orientation, and excellent in the heat stability and the magnetic properties, by incorporating a readily nitrogeniazable constituent such as Ti, and N and/or O into a Cu-added type R2Co17 magnetic powder.

CONSTITUTION: A mixture consisting of 20W28wt% R (which denotes one or more rare earth elements), 5W15wt% Cu, 0.2W5wt% one or more of Ti, Zr, Hf, V, Nb, Ta, Cr, Mo and W, 0W30wt% Fe and 22W74.8wt% Co is melted in an atmosphere of a mixed gas containing 80W99vol% Ar and 1W20vol% N2 and/or O2 to obtain an ingot, and the ingot is subjected to solution heat treatment in an inert atmosphere at 1,000W1,250°C for quarter to 5hr, is then quenched, is retained at 700W950°C for quarter to 5hr, and then is cooled in a controlled manner to 500°C at a cooling rate of 0.1W3°C per min. Then the thus aged ingot is mechanically crushed to obtain powder for a permanent magnet.