Rare earth permanent magnetic material and method for preparing the same

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A magnetic material is provided, which is represented by the general formula of : Ra-x-yHoxDyy Fe1-a-b-c-d Cod McBb, where x, y, a, b, c, and d are weight percentages of related elements and in respective ranges of : about 28%≰a≰about 34%, about 0.95%≰b≰about 1.3%, about 0≰c≰about 1.5%, about 1%≰d≰about 10%, about 15%≰x≰about 20%, about 3%≰y≰about 8%. R is a rare earth element, which is selected from the group consisting of : Nd, Pr, La, Ce, Gd, Tb, and combinations thereof. M is a metal selected from the group consisting of : Al, Cu, Ti, V, Cr, Zr, Hf, Mn, Nb, Sn, Mo, Ga, Si, and combinations thereof.