PURPOSE: To uniformly produce the title alloy target with less stains and casting defects by using a casting mold made ot graphite and preheated to a specified temp. at the time of casting the rare-earth metal-transition metal based alloy target.

CONSTITUTION: When a rare-earth metal-transition metal based alloy target is produced by casting, a casting mold consisting of one kind between graphite and hexagonal boron nitride is used. When such a casting mold is used and the m.p. of the alloy to be cast is denoted by MP, the casting mold is preheated to (MP-200°C)W(MP-900°C) to carry out casting, and the temp. of the casting mold immediately after casting is preferably controlled to about (MP-200°C)W(MP-500°C). After casting, the casting mold and ingot are heated to 800W1100°C, and then preferably annealed to about 600°C at a rate of ≤2°C/min. By this method, a target to be used at the time of producing a thin magnetic film for a magneto-optical recording disk by PVD is appropriately produced.