Neodymium, iron, boron-based rare earth powder or production of sputtering target, as a powder or

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A process for manufacturing a neodymium-iron-boron-based rare earth powder, characterized by comprising : subjecting a raw material which comprises neodymium, iron and boron as main components to melting and casting in a vacuum, and thereby making an alloy ingot which has an oxygen concentration of 300ppm or less; and pulverizing the alloy ingot by a gas atomizing method using an inert gas, and thereby forming a powder which has an oxygen concentration of 500ppm or less. In making a neodymium-iron-boron-based rare earth powder or sputtering target, according to the present invention, the oxygen concentration of the target is reduced by reducing the quantity of moisture adhering to a raw material. Thus, the present invention enables stable formation of a film by a sputtering method or a pulsed laser deposition method, and creates an excellent effect of improving the magnetic characteristics of a rare earth magnet thin film and the productivity thereof.