R a-T a-B based magnet material alloy

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A raw material alloy for a R-T-B-based magnet (wherein R represents at least one of rare earth elements including Y; and T represents at least one of transition elements including Fe as the essential element), said alloy containing a R2T14B phase as the main phase and R-rich phases in each of which R is concentrated, wherein the distance between the R-rich phases is 10 μm or more and the ellipsoidal aspect ratio of each of the R-rich phases is 0.6 or more. A fine powder produced by milling the raw material alloy has excellent fluidability, and enables the production of a sintered magnet having a complicated shape. When the raw material alloy for a R-T-B-based magnet contains Dy and/or Tb as R, it is desirable that the percentage ratio (A/B) produced by dividing the total concentration (A) of Dy and Tb in the main phase by the total concentration (B) of Dy and Tb in each of the R-rich phases is 180% or more. It is also desirable that the percentage ratio (D/C) produced by dividing the concentration (D) of an impurity in each of the R-rich phases by the concentration (C) of the impurity in the main phase is 230% or more.