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In the present invention, used is a magnetic material which contains Fe-based particles (3) which contain α-Fe or α-(Fe, Co), an ε phase (2) which contains ε-Fe2O3 or ε-(Fe, Co)2O3, and an aluminum-containing silicon oxide (1) or the like. The Fe-based particles (3) have boundaries that come into contact with the ε phase (2) and the aluminum-containing silicon oxide (1) or the like. Due to this configuration, by using a material that does not contain a rare earth element, it is possible to obtain a magnetic material in which inflection points on a demagnetization curve are eliminated without causing a reduction in coercive force.