A method for producing a soft magnetic material having both high saturation magnetization and low coercive force, including: preparing an alloy having a composition represented by Compositional Formula 1 or 2 and having an amorphous phase, and heating the alloy at a rate of temperature rise of 10° C./sec or more and holding for 0 to 80 seconds at a temperature equal to or higher than the crystallization starting temperature and lower than the temperature at which Fe—B compounds start to form wherein, Compositional Formula 1 is Fe100-x-yBxMy, M represents at least one element selected from Nb, Mo, Ta, W, Ni, Co and Sn, and x and y are in atomic percent (at %) and satisfy the relational expressions of 10≤x≤16 and 0≥y≤8, and Compositional Formula 2 is Fe100-a-b-cBaCubM′c, M′ represents at least one element selected from Nb, Mo, Ta, W, Ni and Co, and a, b and c are in atomic percent (at %) and satisfy the relational expressions 10≤a≤16, 0