The present invention provides heat reserving materials comprising alloys of Ru and at least one rare earth metal which are represented by the formula (I):(A.sub.1-x B.sub.x).sub.z Ru.sub.1-y C.sub.ywherein A represents one or two or more of Er, Ho and Dy; B represents one or two or more of the other rare earth metals; C represents one or two or more of Co, Ni, Al, Cu, Pd, Rh, Au, Ag, Cr, Mn, V and B; x is not less than 0 and not more than 0.5; y is not less than 0 and less than 1.0; and z is more than 1.1 and less than 5.0.When the heat reserving materials of the present invention are used in a cryogenic refrigerator, very low temperatures of not higher than 10 K. can be achieved. Specific heat properties of the materials can be varied as desired by adjusting the content ratio of the plural phases each of which has a different magnetic transition temperature.