Magnetic materials comprising Fe, B, R (rare earth elements) and Co having a major phase of Fe--Co--B--R intermetallic compound(s) of tetragonal systems and sintered anisotropic permanent magnets consisting essentially of, by atomic percent, 8-30% R (at least one of rare earth elements inclusive of Y), 2-28% B, no less than 50% Co, and the balance being Fe with impurities. Those may contain additional elements M (Ti, Ni, Bi, V, Nb, Ta, Cr, Mo, W, Mn, Al, Sb, Ge, Sn, Zr, Hf) providing Fe--Co--B--R--M type materials and magnets.