A rare earth magnet powder has a chemical composition which includes R: 5 to 20% (wherein, R represents one or two or more rare earth elements being inclusive of Y but exclusive of Dy and Tb), one or two of Dy and Tb: 0.01 to 10%, and B: 3 to 20%, with the balance comprising Fe and inevitable impurities; and an average particle diameter of 10 to 1,000 .mu.m, wherein 70% or more of the entire surface of the rare earth magnet powder is covered with a layer being rich in the content of one or two of Dy and Tb and having a thickness of 0.05 to 50 .mu.m.