An FePt-based sputtering target contains Fe, Pt, and a metal oxide, and further contains one or more kinds of metal elements other than Fe and Pt, wherein the FePt-based sputtering target has a structure in which an FePt-based alloy phase and a metal oxide phase containing unavoidable impurities are mutually dispersed, the FePt-based alloy phase containing Pt in an amount of 40 at % or more and less than 60 at % and the one or more kinds of metal elements in an amount of more than 0 at % and 20 at % or less with the balance being Fe and unavoidable impurities and with the total amount of Pt and the one or more kinds of metal elements being 60 at % or less, and wherein the metal oxide is contained in an amount of 20 vol % or more and 40 vol % or less based on the total amount of the target.