A sputtering target for a magnetic recording medium, wherein an average grain area of a B-rich phase is 90 μm2 or less. A process for producing a sputtering target for a magnetic recording medium, wherein an alloy cast ingot is subject to heat treatment, thereafter subject to primary rolling which includes at least one pass of cold rolling, thereafter subject to secondary rolling, and machined to prepare a target. The obtained sputtering target for a magnetic recording medium has few cracks in the B-rich phase and has a high leakage flux density, and by using this target, it is possible to stabilize the discharge during sputtering, suppress arcing which occurs from cracks in the B-rich phase, and suppress the generation of particles.