The object of the invention is to provide a composition for permanent magnet with excellent magnetic properties exhibiting well the latent ability of the RFeB system tetragonal compounds. The composition for permanent magnet according to the present invention is a complex of (1) a crystalline RFeB or RFeCoB system compound having a tetragonal crystal structure with lattice constants of a.sub.o about 8.8 .ANG. and c.sub.o about 12 .ANG., in which R is at least one of rare earth elements, and (2) a crystalline neodymium oxide having a cubic crystal structure, in which both crystal grains are epitaxially connected and the RFeB or RFeCoB crystal grains are oriented to the c.sub.o direction. The lattice constant a.sub.o of the cubic Nd.sub.2 O.sub.3 is about 4.4 .ANG. which is the half length of the lattice constant a.sub.o about 8.8 .ANG. for the RFeB or RFeCoB tetragonal crystal, and the epitaxial connection is achieved, and the RFeB or RFeCoB crystal grains are oriented to the c.sub.o direction.