To obtain colored magnetic metal flakes forming particles having a prescribed particle size or less, when added to a coating, free from coagulation, giving excellent contrasts and designs and useful for magnetic display media, etc.

The colored magnetic metal flakes are obtained by sticking a coloring pigment, such as a phthalocyanine pigment, coated with an amino compound (e.g. ethylenediamine) having two amino groups in the molecule and not having a carboxyl group to at least 90% of the surfaces of all the magnetic metal flakes, form particles having sizes of ≤90μm (measured by JIS 5400 B method), when added to a coating, and have the maximum flake size of 150μm, an average thickness of 0.1-5μm and a median diameter of 5-100μm. The coloring pigment is preferably coated with a monobasic aromatic carboxylic acid.