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PROBLEM TO BE SOLVED : To provide a method which can recover and recycle magnetic powder from a rare earth bond magnet, without deteriorating magnetic characteristic. SOLUTION : This recovering and recycling method comprises a process wherein a rare earth bond magnet which is compression-bonded by using compound of resin composition containing bisphenol type epoxy resin being solid at a room temperature and isocyanate reprocessed material and magnetic powder and has void volume of 2-10 vol.% is dipped in cracking solution or charged in the vapor phase, in a cracking tank charging cracking solution containing at least one solvent selected out of a group composed of tetralin, naphthalene, cyclohexanone, etc., a process for increasing a temperature higher than or equal to 230 deg.C, and a process wherein the magnetic power recovered from the cracking tank is recycled by substituting a part or the whole of the magnetic powder in the compound.