A method is disclosed for producing a rare earth metal-transition metal-boron (R-T-B) bonded magnet with a magnetic anisotropy. R-T-B alloy ribbons and/or ribbon-like flakes containing R.sub.2 T.sub.14 B fine crystals are prepared with a thickness of 20-1,000 .mu.m by rapidly-quenching method. The ribbons and/or flakes are crushed and ground into a magnetic powder of particle sizes smaller than the value of the ribbon thickness. The magnetic powder is mixed with binder agent and formed into desired bulk-shape body in an aligning magnetic field to produce the bonded magnet with the magnetic anisotropy. In order to improve the magnetic properties, the ribbons and/or flakes can be heat-treated at a temperature of 650.degree.-950.degree. C. The magnetic powder can also be teat-treated at a temperature of 500.degree.-700.degree. C.