The present invention provides a powder for a magnetic member being excellent in moldability and difficult to oxidize, a powder compact produced from the powder, and a magnetic member suitable for a raw material of a magnetic member such as a rare earth magnet. A powder for a magnetic member includes magnetic particles 1 which constitute the powder for a magnetic member and each of which is composed of less than 40% by volume of a hydrogen compound 3 of a rare earth element, and the balance composed of an iron-containing material 2 which contains iron and an iron-boron alloy containing iron and boron. The hydrogen compound 3 of a rare earth element is dispersed in a phase of the iron-containing material 2. An antioxidant layer 4 having a low-oxygen permeability coefficient is provided on the surface of each of the magnetic particles 1.