The objective of the invention is to increase the residual magnetic flux density and improve the retentivity of a magnetic material containing epsilon-Fe2O3. The composite magnetic material comprises iron oxides particles containing epsilon-Fe2O3 and metallic iron, and rare earth iron particles containing rare earth elements and iron compounds. The average grain diameter of the rare earth iron particles is larger than that of the iron oxides particles, and the volume fraction of the rare earth iron particles is larger than that of the iron oxides particles.