This invention relates to a permanent magnet having magnetic anisotropy given by means of a newly developed mechanical alignment and a manufacturing method thereof, and more particularly to a magnet comprising R (at least one rare-earth element selected from tile group consisting of Pr, Nd, Dy, Ce, La, Y and Tb), M (at least one transition metal selected from the group consisting of Fe, Co, Cu, Ag, Au, Ni and Zr) and X (at least one IIIb element of the periodic table selected from the group consisting of B, Ga and Al) and manufacturing method thereof, said alloy of R-M-X series, which composes basic component, are melted and cast, then cast ingot is hot-worked at the temperature above 500.degree. C. to remove or eliminate liquid phase of non-magnetic R-rich phase to concentrate magnetic phase, and to give magnetic anisotropy by means of mechanical alignment. It can provide magnet with excellent property comparable to that of the magnet provided by the conventional manufacturing method while applying cast hot-working heat treatment process which does not includes powdering process.