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Disclosed is a rare earth permanent magnet wherein HfC particles having an average particle diameter of 5-100 nm are dispersed in an amount of 0.2-3.0 atom% in an R-Fe-B alloy (R represents a rare earth element). By containing the carbide, the crystal grains are made finer without decreasing the magnet components. Consequently, the rare earth permanent magnet can have an improved coercivity without reducing the saturation magnetization.