Disclosed is a novel process for producing an NaZn13 magnetic alloy which enables to obtain a magnetic alloy having higher characteristics than ever before. Specifically disclosed is a magnetic alloy represented by the following composition formula: (La1−xRx)a(A1−yTMy)bHcNd (wherein R represents at least one or more elements selected from rare earth elements including Y; A represents Si, or Si and at least one or more elements selected from the group consisting of Al, Ga, Ge and Sn; TM represents Fe, or Fe and at least one or more elements selected from the group consisting of Sc, Ti, V, Cr, Mn, Co, Ni, Cu and Zn; and x, y, a, b, c and d respectively satisfy, in atomic percent, the following relations: 0≦x≦0.2, 0.75≦y≦0.92, 5.5 ≦a≦7.5, 73≦b≦85, 1.7≦c≦14 and 0.07≦d