The present invention provides a non-magnetic metal alloy used for the balancing weight of a compressor, with a weight percentage of components as follows: Mn 5-20 percent, chromium 5-20 percent, sulfur 0.05-1.5 percent and the remainders are Fe and trace. The alloy can also contain Cu 0.4-3 percent and/or nickel less than or equal to 1.5 percent. The balancing weight used for a compressor can bemade by adopting the materials with a method of forging and pressing. Advantages of the method are that the working procedure is simplified, the pollution is lowered and the processing is flexible. Simultaneously, the adoption of forging and pressing rids the product of pores and slag inclusions, and improves the balancing capacity of the balancing weight.