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Disclosed is a magnetic material having high Hc and high Curie point, which is capable of controlling such magnetic characteristics without requiring rare or expensive raw materials. Specifically disclosed is a magnetic material composed of particles of a magnetic iron oxide which is represented by the following general formula : ε-AxByFe2-x-yO3 or ε-AxByCzFe2-x-y-zO3 (wherein A, B and C each represents a metal other than Fe and different from each other and 0 < x, y, z < 1), while having a main phase of ε-Fe2O3.