Disclosed herein is a magnetic powder which can provide a bonded magnet having excellent magnetic properties and having excellent reliability especially excellent heat stability. The magnetic powder is composed of an alloy composition represented by Rx(Fe1-yCoy)100-x-z-wBzAlw (where R is at least one kind of rare-earth element, x is 7.1-9.9 at %, y is 0-0.30, z is 4.6-6.9 at %, and w is 0.02-1.5 at %), the magnetic powder being constituted from a composite structure having a soft magnetic phase and a hard magnetic phase, wherein the magnetic powder has magnetic properties in which, when the magnetic powder is formed into an isotropic bonded magnet having a density &rgr; [Mg/m3] by mixing with a binding resin and then molding it, the maximum magnetic energy product (BH)max[kJ/m3] of the bonded magnet at the room temperature satisfies the relationship represented by the formula (BH)max/&rgr;2[×10−9 J·m3/g2]≧2.1, and the intrinsic coercive force (HCJ) of the bonded magnet at the room temperature is in the range of 320-720 kA/m.