A process for producing a rare earth element-iron-boron anisotropic magnet that may generate a strong static magnetic field in vacant spaces of a magnetic circuit mounted in a motor is disclosed. The process comprises the steps of placing a billet produced of rapid solidification powder of a rare earth element-iron-boron alloy into a mold cavity, applying a primary pressure to said billet, while allowing a primary current to pass through said billet, applying to said billet a secondary pressure which is increased up to at least five times as much as the primary pressure, and applying a secondary current greater than the primary current through said billet, wherein the billet is finally subjected to plastic deformation at the temperature between the crystalline temperature and 750.degree. C.