Method of manufacturing magnetic particles

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Magnetic particles of the present invention comprising monocrystals of rare earth element-transition metal-metalloid having particle diameters of 5 nm to 50 nm. The magnetic particles are produced by a producing method comprising a step of fabricating a quenched thin band comprising rare earth element-transition metal-metalloid. A magnetic recording medium of the present invention includes the magnetic layer which contains therein the magnetic particles and the binder, and which is formed on the non-magnetic substrate.