A magnetic material having a structure of a material having a ferromagnetic phase at ordinary temperature as a core and a material having an antiferromagnetic phase at ordinary temperature surrounding the periphery of the core in the form of a shell, wherein a ratio between a volume of the ferromagnetic phase material and the volume of the antiferromagnetic phase material in the magnetic material is in a range where no exchange biasing field of the magnetic material appears and a rotational hysteresis loss of the magnetic material is made the maximum, a method of producing the same, and a magnetic recording medium using the same.