A raw material for high oxygen chromium targets comprising chromium crystalline particles dispersed in metallic chromium wherein at least a portion of the surface of all the crystals constituting the oxide crystalline particles is in contact with the matrix of said metallic chromium. And a method of producing a raw material for high oxygen chromium targets comprising chromium oxide crystalline particles dispersed in metallic chromium characterized by heat-treating metallic chromium containing a solid solution of oxygen or oxide particles as a starting material, and precipitating or crystal-growing the oxygen or oxide particles as chromium oxide crystalline particles having a particle size of 0.1 to 100, .mu.m, thereby obtaining a raw material for chromium targets.