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[Problem] To provide an R-T-B alloy powder having a sufficiently high coercive force. [Solution] The present invention provides an R-T-B alloy powder (where R is one or more types of rare earth elements, and T is an element(s) comprising at least one of iron and cobalt) characterized by being composed of added phases, namely main phase particles comprising R2T14B with an average particle size of 200 nm to 500 nm, and grain boundary phases of a composition that is richer in R than the main phase particles. The R-T-B alloy powder is further characterized in that, in an arbitrary cross section of the R-T-B alloy powder, the ratio of the sum of the perimeters of the grain boundary phases and the sum of the perimeters of the main phase particles is regarded as coverage, defined by formula 1, and the coverage of the main phase particles by the grain boundary phases, with a circularity defined by formula 2 of 0.1 to 0.6, is 10% to 40%.