A magnetic material according to the present disclosure includes a main phase having an R2T14B type crystal structure (R is a rare earth element and T is a transition metal element). The main phase has a composition represented by ((Nd, Pr)(1-x-y)LaxR1y))2((Fe(1-z-w)(Co, Ni)zMw))14B (where, R1 is a rare earth element other than Nd, Pr, and La, M is an element other than Fe, Co, Ni, and a rare earth element, and the like, and 0.25≤x≤1.00, 0≤y≤0.10, 0.15≤z≤0.40, and 0≤w≤0.1 are satisfied). A manufacturing method of the magnetic material according to the present disclosure includes melting a raw material containing the elements constituting the main phase and solidifying the melted raw material.