A magnet material having excellent magnetic properties and a bonded magnet formed of the magnet material as well as a method of manufacturing the magnet material are disclosed. The method of manufacturing the magnet material is carried out by discharging a molten metal of the magnet material from a nozzle while rotating a cooling roll having a surface layer composed of ceramics on its outer periphery to be collided with the surface layer of the cooling roll and solidified by cooling, the method of manufacturing the magnet material being characterized in that the time during which the magnet material is in contact with the surface layer of the cooling roll is not less than 0.5 ms when the molten metal of said magnet material is discharged from directly above the center of rotation of the cooling roll toward an apex part of the cooling roll to be collided with the apex part.