To provide a method for producing a magnetostrictive material of excellent magnetostrictive characteristics. The method for producing a magnetostrictive material, wherein a mixture composed of Starting Materials A, B and C is sintered, where A is represented by Formula 1 (TbxDy1-x)Ty (T is at least one metallic element selected from the group consisting of Fe, Ni and Co, 0.35x0.50 and 1.70y2.00), B is represented by Formula 2 DytT1-t (0.37t1.00), and C contains T, to produce a magnetostrictive material represented by Formula 3 (TbvDy1-v)Tw (0.27v0.50, and 1.70w2.00), wherein oxygen content is set at 500 to 3,000 ppm for Starting Material A and at 2,000 to 7,000 ppm for Starting Material B.

 
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