The method for producing a granulated powder of the present invention includes the steps of: preparing an R--Fe--B alloy powder; and granulating the alloy powder using at least one kind of granulating agent selected from normal paraffins, isoparaffins and depolymerized oligomers, to prepare a granulated powder. The produced R--Fe--B alloy granulated powder is excellent in flowability and compactibility as well as in binder removability.