Spindle-shaped hematite particles obtained form the spindle-shaped goethite particles, can be prevented as highly as possible from causing destruction of particle shape when subjected to a heat-reduction step for producing magnetic spindle-shaped metal particles and magnetic spindle-shaped metal particles containing iron as a main component produced from the spindle-shaped goethite particles or the spindle-shaped hematite particles as a starting material, exhibit a high coercive force, an excellent particle coercive force distribution, a large saturation magnetization and an excellent oxidation stability, and are excellent in a squareness (Br/Bm) of the sheet due to a good dispersibility in a binder resin.