PURPOSE: To obtain magnetic powder having good polishing characteristic by using soft magnetic metal powder of 20μmW1mm as a core and fixing hard powder with an average grain size of 0.1W20μm on this core with a binding agent.

CONSTITUTION: Powder of 20μmW1mm (preferably 50W200μm) of a soft magnetic metal such as iron, chrome steel, silicon steel is used as a core. Hard powder such as alumina with an average grain size of 0.1W20μm (preferably 2W10μm) is fixed on the surface of this core with a binding agent such as polyvinyl alcohol. The ratio of the hard powder to the core (magnetic base) is set to 1W50% (preferably 5W20%). Accordingly, the surface roughness after polishing (B) is obtained from the surface roughness before polishing (A), and the magnetic powder excellent in magnetic characteristic and having good polishing characteristic can be obtained.