Magnetic metal powder suitable for use in magnetic recording media and method of manufacturing the p

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A metal magnetic powder for a magnetic recording medium is provided whose particles have a metal magnetic phase, composed mainly of Fe or Fe plus Co, and an oxide layer, wherein the average major axis length of the powder particles is 10-50 nm, the average particle volume including the oxide layer is 5, 000 nm3 or less, the atomic ratio (R + Al + Si) / (Fe + Co) calculated using the content values (at.%) of the elements contained in the powder particles is 20% or less, where R is rare earth element (Y being treated as a rare earth element). The metal magnetic powder is obtained by using a complexing agent and a reducing agent to elute nonmagnetic constituents after firing. The metal magnetic powder exhibits a large saturation magnetization as for its particle volume while maintaining weatherability comparable to the conventional level and is suitable for a coated-type magnetic recording medium.