A hard magnetic alloy in accordance with the present invention is composed of at least element T selected from the group consisting of Fe, Co and Ni, at least one rare earth element R, and boron (B). The hard magnetic alloy has an absolute value of the temperature coefficient of magnetization of 0.15%/° C. or less and a coercive force of 1 kOe, when being used in a shape causing a permeance factor of 2 or more. A hard magnetic alloy compact in accordance with the present invention has a texture, in which at least a part or all of the texture comprises an amorphous phase or fine crystalline phase having an average crystal grain size of 100 nm or less, is subjected to crystallization or grain growth under stress, such that a mixed phase composed of a soft magnetic or semi-hard magnetic phase and a hard magnetic phase is formed in the texture, and anisotropy is imparted to the crystal axis of the hard magnetic phase.