An iron nitride magnetic powder comprised primarily of Fe16N2 phase is characterized in that its coercive force Hc is 200 KA/m or greater and bulk switching field distribution BSDF is 2 or less. The magnetic powder can be produced by allowing a nitriding reaction of Fe particles with a nitrogen-containing gas for producing nitrided particles of primarily Fe16N2 phase to proceed under an increased pressure of 0.1 MPa or greater. The enhanced properties of the iron nitride magnetic powder make it suitable as a magnetic material for high-density magnetic recording media.