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An iron-based rare-earth alloy powder includes : a first iron-based rare-earth alloy powder, which has a mean particle size of 10 mu m to 70 mu m and of which the powder particles have aspect ratios of 0.4 to 1.0; and a second iron-based rare-earth alloy powder, which has a mean particle size of 70 mu m to 300 mu m and of which the powder particles have aspect ratios of less than 0.3. The first and second iron-based rare-earth alloy powders are mixed at a volume ratio of 1 : 49 to 4 : 1. In this manner, an iron-based rare-earth alloy powder with increased flowability and a compound to make a magnet are provided.