The present invention relates to a spindle-shaped goethite particles containing cobalt of 8.0 to 50.0 atm %, calculated as Co, based on the total Fe in the spindle-shaped goethite particles and a compound of at least one element selected from the group consisting of Al, Si, Nd, Y, La, Ce, Pr, Tb, Ca, Mg, Ba and Sr of not more than 25.0 atm %, calculated as the element, based on the total Fe in the spindle-shaped goethite particles, and having an average major axis diameter of 0.05 to 0.15 .mu.m, a size distribution (standard deviation/major axis diameter) of not more than 0.30, an average minor axis diameter of 0.010 to 0.025 .mu.m, an aspect ratio of 4 to 8 and an X-ray crystallite size ratio (D.sub.020 /D.sub.110) of 2.0 to 3.5. These spindle-shaped goethite particles are useful as raw material of spindle-shaped magnetic iron-based alloy particles containing cobalt and iron as the main ingredients, which have a uniform particle size, no inclusion of dendrites, a high coercive force, an excellent coercive force distribution, a large saturation magnetization, and in addition, an excellent stability against oxidation.