A Co alloy target comprising 1 to 10 atomic % of Zr and 1 to 10 atomic % of Nb and/or Ta, the balance being unavoidable impurities and Co, is produced by rapidly solidifying a melt of the Co alloy to produce an alloy powder, classifying the alloy powder to maximum particle size of 500 .mu.m or less, and pressure-sintering the classified alloy powder.