PURPOSE: To improve the magnetic characteristics by melting a magnet alloy made of an intermetallic compound consisting of a rare earth metal and a transition metal in a specified ratio and by solidifying the melt while impressing a specified magnetic field to accelerate the formation of columnar crystals in the macrostructure of the resulting ingot.

CONSTITUTION: A rate earth element (R) is blended with a transition metal (TM) so as to provide a composition represented by a formula R2TM17, and the blend is melted in a gaseous Ar atmosphere in a high frequency furnace. The melt is cast in a casting mold of a desired shape, and it is solidified while impressing a magnetic field of ≥0.5kOe. The vibration and convection of the melt due to charging are inhibited, and solidifying nuclei are fixed on the wall of the casting mold, so ≥about 90% of the macrostructure of the resulting alloy ingot is composed of columnar crystals.