A metal magnetic powder for a magnetic recording medium is provided whose particles have a metal magnetic phase, composed mainly of Fe or Fe plus Co, and an oxide layer, wherein the average major axis length of the powder particles is 10-50 nm, the average particle volume including the oxide layer is 5,000 nm3 or less, the atomic ratio (R+Al+Si)/(Fe+Co) calculated using the content values (at. %) of the elements contained in the powder particles is 20% or less, where R is rare earth element (Y being treated as a rare earth element). The metal magnetic powder is obtained by using a complexing agent and a reducing agent to elute nonmagnetic constituents after firing. The metal magnetic powder exhibits a large saturation magnetization as for its particle volume while maintaining weatherability comparable to the conventional level and is suitable for a coated-type magnetic recording medium.