A permanent magnet material having high coercivity and energy product is provided which contains rare earth elements, boron, at least one element of Ti, V, Cr, Zr, Nb, Mo, Hf, Ta and W, optional nickel, and a balance of Fe or Fe and Co, and consists of a primary phase of substantially tetragonal grain structure, or a mixture of such a primary phase and an amorphous or crystalline rare earth element-poor auxiliary phase wherein the volume ratio of auxiliary phase to primary phase has a specific relationship to other parameters.