PURPOSE: To provide a permanent magnet material having high performance and raised magnetic energy by specifying the ratio of Sm to components consisting of Co, Cu and Fe as transition elements and other specified element.

CONSTITUTION: An alloy consisting of, by wt., 22.0W24.0% Sm, 2.5W13.0% Cu, 18W39% Fe, 0.3W4.0% M and the balance Co as basic components is refined. M is one or more among Mn, Si, Ti, Nb, Zr, Hr, Ta, Cr, V, Mo and Al. An ingot of the alloy is finely pulverized, and after adding a binder the powder is compacted in a magnetic field, sintered, and heat treated to obtain a permanent magnet material ≥90vol% of which has the single-phase composition of Sm2(Co,Cu,Fe,M)17. This magnet material has superior magnetic characteristics such as high Ms value.