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The present invention provides an alloy material for an R-T-B-based rare earth permanent magnet capable of high coercivity (Hcj) and a highly productive production method for the R-T-B-based rare earth permanent magnet using same. The present invention is an R-T-B-based alloy comprising : R, which represents two or more rare earth elements; T, which represents a transition metal essentially including Fe; B; and unavoidable impurities. The present invention relates to an alloy material for an R-T-B-based rare earth permanent magnet, that includes a metal powder and an R-T-B-based alloy with a Dy content of more than 10% by mass and less than 31% by mass.