An FePt-based sputtering target has a structure in which an FePt-based alloy phase, a C phase containing unavoidable impurities, and a metal oxide phase containing unavoidable impurities are mutually dispersed, the FePt-based alloy phase containing Pt in an amount of 40 at % or more and 60 at % or less with the balance being Fe and unavoidable impurities, wherein C is contained in an amount of more than 0 vol % and 20 vol % or less based on the total amount of the target, the metal oxide is contained in an amount of 10 vol % or more and less than 40 vol % based on the total amount of the target, and the total content of C and the metal oxide is 20 vol % or more and 40 vol % or less based on the total amount of the target.