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PROBLEM TO BE SOLVED : To provide the manufacturing method of a rare earth magnet which is capable of forming a powder compact having a high degree of magnetic field orientation with a compact density lower than that of a conventional compact and, further, capable of taking the compact out of a mold without generating cracking or chipping on the surface of the compact. SOLUTION : The rare earth magnet is manufactured by a method wherein a press device for compressing and forming magnetic powder supplied into a cavity is employed for manufacturing the compact of the magnetic powder. The press device is provided with a split mold having a first movable unit for pressing the magnetic powder by moving along a first direction and a second movable unit for pressing the magnetic powder by moving along a second direction intersected with the first direction. The method employs the press device and comprises a process (A) for impressing a magnetic field on the magnetic powder to orientate the same, a process (B) for pressing the magnetic powder by the first and second movable units so that the compact density of the magnetic powder becomes a value within the range of more than 3.0g/cm3 and less than 3.8g/cm3, and a process (C) for reducing pressures given to the magnetic powder by the first and second movable units and, thereafter, taking the compact of the magnetic powder out of the split mold.