A method for manufacturing magnetic metal powder is provided. In the method, a powdered magnetic metal oxide is supplied to a heat treatment furnace with a carrier gas composed of a reducing gas. The heat treatment furnace is maintained at temperatures above a reducing action starting temperature for the powdered magnetic metal oxide and above a melting point of the magnetic metal in the powder. The powdered magnetic metal oxide is subject to a reducing process, and then magnetic metal particles, the resultant reduced product, is melted to form a melt. The melt is re-crystallized in a succeeding cooling step, to obtain single crystal magnetic metal power in substantially spherical form.