The present invention provides an R-T-B based permanent magnet, comprising: a main phase which is composed of the structure of R2T14B (R is at least one element selected from Y, La, Ce, Pr, Nd, Sm, Eu and Gd, and T is one or more transition metal elements having Fe or a combination of Fe and Co as necessary); and a grain boundary phase which is composed of CexM1-x (M is at least one element selected from Mg, Al, Si, Ti, Cr, Mn, Fe, Co, Ni, Cu, Zn, Ga, Y, Zr, Nb, Mo, Ag, In, Sn, La, Pr, Nd, Sm, Eu, Gd, Hf, Ta, W and Bi, and x is within the range of 0.20≦x≦0.55), and the cross-sectional ratio Atre of the grain boundary phase to the whole magnet structure is within the range of 0.03