A metallic magnetic powder where a primary particle of each metallic magnetic particle is a powder without forming an aggregate, and a method of making the same that includes manufacturing a metallic magnetic powder constituted of metallic magnetic particles, containing a metallic magnetic phase, with Fe, or Fe and Co as main components, rare earth elements , or yttrium and one or more non-magnetic components removing the non-magnetic component from the metallic magnetic with a reducing agent, while making a complexing agent exist for forming a complex with the non-magnetic component in water; oxidizing the metallic magnetic particle with the non-magnetic component removed; substituting water adhered to the oxidized metallic magnetic particle with an organic solvent; andcoating the surface of the metallic magnetic particle with an organic matter different from the organic solvent, while maintaining a wet condition of the metallic magnetic particle with the organic solvent adhered thereto.