A method of making a sputtering target in which an atomized powder including, in at. %, 10 to 50% of B, 0 to 20% in total of one or more elements selected from the group consisting of Ti, Zr, Hf, V, Nb, Ta, Cr, Mo, W, Mn, Re, Ru, Rh, Ir, Ni, Pd, Pt, Cu, and Ag, and a balance of one or both of Co and Fe, and unavoidable impurities is provided. Fine particles are removed from the atomized powder to obtain a powder having a particle distribution where the cumulative volume of particles having a particle diameter of 5 μm or less is 10% or less, and the cumulative volume of particles having a particle diameter of 30 μm or less is 5-40%. The obtained powder is sintered to form a sputtering target comprising a sintered body. The sputtering target comprises hydrogen of 20 ppm or less.