The present invention addresses the problem of providing an Ni-based sputtering target material in which permeability is low, a strong magnetic flux leakage is obtained, and the usage efficiency in magnetron sputtering is high. In order to solve this problem, this invention provides an Ni-based sputtering target material containing an Fex-Niy-Coz-M-based alloy, wherein the Ni-based sputtering target material is characterized in that: the alloy contains, as element M, a total of 2-20 at% of one or more elements M1 selected from W, Mo, Ta, Cr, V, and Nb and a total of 0-10 at% of one or more element M2 selected from Al, Ga, In, Si, Ge, Sn, Zr, Ti, Hf, B, Cu, P, C, and Ru, with the remainder made up of Ni, one or both of Fe and Co, and unavoidable impurities; when x + y + z = 100, x is 0-50, y is 20-98, and z is 0-60; the alloy has a microstructure containing Feα-Niβ-Coγ; when α+β+γ = 100, β is 20-35 and γ is 30 or less; and the microstructure contains the element M solid-solved in the Feα-Niβ-Coγ phase, and/or the element M forming a compound with at least one element from among Fe, Ni, and Co.