Provided is a sputtering target of ferromagnetic material comprising a metal having a composition containing 20 mol % or less of Cr, and Co as the remainder; wherein the target structure includes a phase (A) which is a basis metal, and metal phases (B) having a component composition different from the peripheral texture within the phase (A), the area ratio occupied by oxides within 1 μm from the most outer periphery of metal phases (B) is 80% or less, and the average grain size of the metal phases (B) is 10 μm or more and 150 μm or less. Provided is a sputtering target of ferromagnetic material capable of inhibiting the generation of particles during sputtering, and improving the pass-through flux to achieve a stable electrical discharge with a magnetron sputtering device.