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The present invention refers to a method of manufacturing an R-T-B-M-C sintered rare earth magnet comprising the process steps of : a) charging an R-T-B-M-C alloy powder including a lubricant into a mold cavity with a predetermined density, wherein R is at least one rare earth element including Y and Sc, T is iron or a mixture of iron and cobalt, and M is at least one element selected from Ti, Ni, Nb, Al, V, Mn, Sn, Ca, Mg, Pb, Sb, Zn, Si, Zr, Cr, Cu, Ga, Mo, W and Ta, and the weight contents of these components are in the ranges 25 % ≤ R ≤ 40 %, 60 % ≤ T ≤ 74 %, 0 % ≤ M ≤ 2 %, 0.8 % ≤ B ≤ 1.2 %, 0.03 % ≤ C ≤ 0.15 %; b) applying a magnetic field to the powder filled in the mold cavity under a pressure in the range of 0.2 to 2 MPa; and c) sintering the same under inert gas followed by an additional heat treatment.