Disclosed herein is a magnetic powder which can provide magnets having excellent magnetic properties and having excellent reliability especially excellent heat stability. The magnetic powder is composed of an alloy composition represented by R_x(Fe_1-aCo_a)_100-x-y-zB_yM_z (where R is at least one kind of rare-earth element excepting Dy, M is at least one kind of element selected from Ti, Cr, Nb, Mo, Hf, W, Mn, Zr and Dy, x is 7.1-9.9 at %, y is 4.6-8.0 at %, z is 0.1-3.0 at %, and a is 0-0.30, and the magnetic powder being constituted from a composite structure having a soft magnetic phase and a hard magnetic phase, wherein when the magnetic powder is mixed with a binding resin and then the mixture is subjected to compaction molding to form a bonded magnet having a density [Mg/m³], the maximum magnetic energy product (BH)_max[kJ/m³] of the bonded magnet at a room temperature satisfies the relationship represented by the formula (BH)_max/²[10^-9 Jm³/g²] 2.40, and the intrinsic coercive force H_CJ of the bonded magnet at a room temperature is in the range of 400-750 kA/m.