PURPOSE: To develop a rare-earth magnet material excellent in magnetic and temp. characteristics by bringing the powder of an alloy consisting of rare-earth metals, Fe and specified metals into contact with gaseous N or NH3 to incorporate N into the powder.

CONSTITUTION: The ingot of an R-Fe-M alloy (<50 atomic % of Fe can be replaced by Co) consisting essentially of at least one kind of rare-earth metal (R) among Nd, Pr and Ce and at least one kind (M) among Ti, Mo, V, W, Cr, Mn, Al and Si is heated and homogenized to form an alloy having a ThMn12 crystalline structure, and the alloy is pulverized to several to 200μm size. The fine powder is heated up to 200-600°C in an inert gas atmosphere having 0.001-400Torr N2 partial pressure or in a mixture of gaseous NH3 and an inert gas such as Ar or gaseous H2 to incorporate 0.3-5wt.% N2 into the allay powder. A rare-earth magnet material excellent in magnetic and temp. characteristics and corrosion resistance is produced without deteriorating the ThMn12 crystallinity.