Ferromagnetic particles including an Fe16N2 compound phase in an amount of not less than 80% as measured by Mössbauer spectrum and each having an outer shell in which FeO is present in the form of a film having a thickness of not more than 5 nm. Ferromagnetic particles may be made by subjecting iron oxide or iron oxyhydroxide having an average major axis diameter of 40 to 5000 nm and an aspect ratio (major axis diameter/minor axis diameter) of 1 to 200 as a starting material to dispersing treatment to prepare aggregated particles; subjecting the iron compound particles passed through a mesh to hydrogen reducing treatment at a temperature of 160 to 420° C.; and then subjecting the resulting particles to nitridation treatment at a temperature of 130 to 170° C.