A process is disclosed for obtaining acicular magnetic particles of .gamma.-Fe.sub.2 O.sub.3 modified with Fe.sup.++ and Co.sup.++ ions. The product thus obtained and magnetic tapes containing said product are also disclosed. A suspension of acicular .gamma.-Fe.sub.2 O.sub.3 in an aqueous solution of soluble Fe.sup.++ and Co.sup.++ salts is prepared. NH.sub.3 is then added in such quantity that the molar ratioNH.sub.3 /(Fe.sup.++ +Co.sup.++)is between 2.1 and 3, and the whole mass is then heated up to 100.degree.-200.degree. C. When the molar ratio Fe.sup.++ /Co.sup.++ is greater than about 2.5, it is necessary to operate in the presence of a metered quantity of oxygen or of an oxygen-containing gas; when the ratio is smaller or equal to about 2.5, the presence of a metered quantity of oxygen is optional.