Provided is an oxide-containing magnetic material sputtering target wherein the oxides have an average grain diameter of 400 nm or less. Also provided is a method of producing an oxide-containing magnetic material sputtering target. The method involves depositing a magnetic material on a substrate by the PVD or CVD method, then removing the substrate from the deposited magnetic material, pulverizing the material to obtain a raw material for the target, and further sintering the raw material. An object is to provide a magnetic material target, in particular, a nonmagnetic grain-dispersed ferromagnetic sputtering target capable of suppressing discharge abnormalities of oxides that are the cause of particle generation during sputtering.