A magnetite-iron based composite powder includes magnetite with a ratio of X-ray diffraction intensity to that of &agr;-Fe of about 0.001 to about 50 and has an average primary particle size of about 0.1 to about 10 &mgr;m. The composite powder can highly dehalogenate organic halogen compounds and exhibits satisfactory absorption power of high frequency electromagnetic waves after molding. An ultrafine nonferrous inorganic compound powder may adhere to the surface of the composite powder, or at least the composite powder may adhere to the surfaces of small particles of a nonferrous inorganic compound to thereby yield a composite powder composition. The composite powder can be produced by partial reduction of a material powder containing a hematite based powder or by complete reduction and subsequent partial oxidation of the material powder.