An improved method for manufacturing a magnet paper sheet which comprises: thoroughly mixing about 70-90 parts by weight of magnetoplumbite barium ferrite powder and/or magnetoplumbite strontium ferrite powder essentially consisting of particles of primary particle size of about 0.1-2 microns and of secondary particle size smaller than about 20 microns, an anionic synthetic latex containing about 1-10 parts by weight in dry weight of a synthetic rubber and/or a synthetic resin such as SBR, NBR, polyvinyl acetate and polyacrylate, about 2-10 weight % of a cationic organic polymer electrolyte such as polyamine and polyethyleneimine based on the amount of the synthetic rubber and/or resin, and more than about 5 parts by weight of pulp fibers together into a slurry; forming the slurry into a paper sheet; and magnetizing the paper sheet.