A magnetic material comprising a NaZn13 type crystal structure with uniform and fine microstructure exhibiting excellent characteristics as a magnetic refrigeration material, and a method of manufacturing the magnetic refrigeration material are provided. An alloy composition for forming magnetic material of the NaZn13 type crystal structure was melted comprising 0.5 atomic percent to 1.5 atomic percent of B to molten metal. The molten metal is rapidly cooled and solidified by a forced cooling process. Then, a rapidly cooled alloy having the NaZn13 type crystal structure was obtained. In this manner, magnetic materials comprising the NaZn13 type crystal structure phase, or the NaZn13 type crystal structure phase accompanied with other phases such as α-Fe phase having very small phase regions was manufactured without requiring heat treatment for a long time. As the result, productivity of manufacturing the magnetic refrigeration material is remarkably enhanced.