Method of making material alloy for iron-based rare earth magnet

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A melt of an iron-based rare earth material alloy, represented by (Fe1-mTm)100-x-y-zQxRyMz, is prepared. T is Co and/or Ni; Q is B and/or C; R is selected from Y (yttrium) and the rare earth elements; M is selected from Al, Si, Ti, V, Cr, Mn, Cu, Zn, Ga, Zr, Nb, Mo, Ag, Hf, Ta, W, Pt, Au and Pb; 10<=x<=30 at %; 2%<=y<10 at %; 0<=z<=10 at % and 0<=m<=0.5. The melt is fed onto a guide to form a flow of the melt thereon and move the melt onto a melt/chill roller contact region, where the melt is rapidly cooled by the chill roller to make a rapidly solidified alloy. An oxygen concentration of the melt yet to be fed onto the guide is controlled at about 3, 000 ppm or less in mass percentage.