The present invention provides an R-T-B based sintered magnet that inhibits the demagnetization rate at high temperature even when less or no heavy rare earth elements such as Dy, Tb and the like are used. The R-T-B based sintered magnet includes R2T14B crystal grains and two-grain boundary parts between the R2T14B crystal grains. Two-grain boundary parts formed by R—Co—Cu-M-Fe phase exist, and M is at least one selected from the group consisting of Ga, Si, Sn, Ge and Bi.