A method of producing a hard magnetic alloy compact at low cost, in which an alloy that contains not less than 50% by weight of an amorphous phase and exhibits hard magnetism in a crystallized state is solidified and molded at around its crystallization temperature under applied pressure by utilizing the softening phenomenon occurring during a crystallization process. The resulting compact has high hard magnetic characteristics and can be applied as permanent magnet members such as in motors, actuators, and speakers.