To provide a sputtering target for forming a magnetic recording medium film with which high leakage magnetic flux density is obtained and sputtering efficiency is improved, and a method for manufacturing the same.

The target has a composition including 0.5-15 mol% of a nonmagnetic oxide, 4-20 mol% of Cr, 5-25 mol% of Pt, and a remainder composed of Co and inevitable impurities, wherein a structure of the target is a composite structure composed of a first phase 1 including the nonmagnetic oxide dispersed in a nonmagnetic alloy phase at least containing Co, Cr, and Pt, and a second phase 2 including the nonmagnetic oxide dispersed in a ferromagnetic alloy phase at least containing Co.