An economically advantageous process for producing sintered magnetic Fe-Co, Fe-Co-V or Fe-Co-Cr material, which comprises preparing alloy powder of at least Fe and Co, kneading it with an organic binder, subjecting the kneaded mixture to injection molding and degreasing, and conducting two-stage sintering at both low and high temperatures is disclosed. A magnetic material having excellent magnetic properties and low iron loss value and comprising a specific composition of Fe-Co, Fe-Co-V or Fe-Co-Cr is also disclosed.