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The invention relates to a magnetic material which comprises a hard magnetic phase (2) and a grain boundary phase (3). The hard magnetic phase (2) contains at least one element Z, which is selected from : one or more rare earth metals (RE) and/or yttrium; and additionally iron and titanium, and can be characterized by the following formula : ZaTMbFec-eTid-fXe+f , wherein TM represents at least one transition metal, a = 7 to 9 at.%, b ≤ 41 at.%, c ≥ 41 at.%, d = 7 to 9 at.%, X is selected from the group consisting of Mo, V, Ta, Nb, Cr, Si, Zr, Al, W, Pd, and P, e+f = 0 to 4.5 at.%, the rare earth metal (RE) contains at least 3.5 at.% Cer, and a+b+(c-e)+(d-f)+(e+f) = 100 at.%. The grain boundary phase (3) contains at least one metal and has a melting temperature below the peritectic temperature of the hard magnetic phase (2).