In a method of fabricating an R--Fe--B based alloy magnetic powder excellent in magnetic anisotropy, and an R--Fe--B--Co based alloy magnetic powder excellent in magnetic anisotropy and temperature characteristic an R--Fe--B based alloy is subjected to hydrogenation under pressurized hydrogen gas and to dehydrogenation. Excellent magnetic properties and stable with less variation in range can be attained in an industrial fabrication by using a plurality of divided reaction tubes. Moreover, the R--Fe--B--Co based alloy magnetic powder is constituted of an aggregate structure including, as a main phase, a recrystallized structure of an extremely fine R.sub.2 Fe.sub.14 B type phase with an average grain size of 0.05 to 3 .mu.m, and has excellent magnetic anisotropy and temperature characteristic. Additionally, a resin bonded magnet excellent in magnetic properties and temperature characteristic is fabricated by injection molding or compression molding using the above R--Fe--B--Co based alloy magnetic powder.