The purpose of the present invention is to provide: a new magnetic material which exhibits high magnetic stability and excellent oxidation resistance and which can achieve both significantly higher saturation magnetization and lower coercive force than a conventional ferrite-based magnetic material by using a magnetic material obtained by nanodispersing α-(Fe,M) phases and M component-enriched phases (here, the M component is at least one component selected from among Zr, Hf, V, Nb, Ta, Cr, Mo, W, Cu, Zn and Si); and a method for producing same. This magnetic material powder exhibits high moldability, and is such that α-(Fe, M) phases and M-enriched phases are nanodispersed by chemically reducing M-ferrite nanoparticles, which are obtained by means of wet synthesis, in hydrogen and utilizing phase separation by means of a disproportionation reaction while simultaneously carrying out grain growth. Furthermore, a solid magnetic material is obtained by sintering this powder.