PURPOSE: To produce a target having a low content of oxygen by hydrogenating and crushing the ingot of a rare-earth element/iron-group metal alloy in the eutectic structure range, mixing a deficiency of the iron-group metal powder for the desired component and sintering the mixture under pressure.

CONSTITUTION: The ingot of a rare-earth element-iron-group metal alloy is prepared, hydrogenated and crushed. The obtained rare-earth element/iron-group metal powder and a deficiency of the iron-group metal powder for the desired component are mixed. The mixed powder is sintered under pressure in the temp. range where the liq. phase is not developed in a vacuum or in an inert gas atmosphere to form a target. The temps. in the sintering under pressure are controlled to those ranging from the temp. where the liq. phase is developed to the liq. phase developing temp. minus 100°C. A rare-earth element/iron-group metal alloy target having a low content of oxygen is obtained in this way.