The present invention discloses manufacturing methods of a powder for compacting rare earth magnet and rare earth magnet that omit jet milling process, which comprise the steps as follows: 1) casting: casting the molten alloy of rare earth magnet raw material by strip casting method to obtain a quenched alloy with average thickness in a range of 0.2˜0.4 mm; 2) hydrogen decrepitation: decrepitating the quenched alloy hydrogen under a hydrogen pressure between 0.01˜1 MPa for 0.5˜24 h to obtain the powder. The present invention improves the manufacturing processes which are before the process of jet milling for omitting the process of jet milling, thus simplifying the process; which may also acquire a low cost production by efficiently using the precious rare earth resource.