A material for a rare earth permanent magnet having a high magnetic coercive force and a high residual magnetic flux density. 28 to 35% by weight of at least one rare earth element selected from the group consisting of neodymium, praseodymium, dysprosium, terbium, and holmium, 0.9 to 1.3% by weight of boron, 0.25 to 3% by weight of phosphorus, iron, and inevitable impurities. It can further comprise 0.1 to 3.6% by weight of cobalt and 0.02 to 0.25% by weight of copper.