The invention provides a magnetic material which includes magnetic particles including metal nanoparticles containing at least one magnetic metal selected from the group including Fe, Co and Ni and having an average particle size greater than 1nm and smaller than 100nm, and at least one non-magnetic metal existing among metal nanoparticles and selected from Mg, Al, Si, Ca, Zr, Ti, Hf, Zn, Mn, Ba, Sr, Cr, Mo, Ag, Ga, Sc, V, Y, any of Nb, Pb, Cu, In, Sn, and rare earth elements, and a first inclusion phase of any one of the oxygen (O), nitrogen (N), or carbon (C). The magnetic particles are particle aggregations having an average short size more than 10nm and less than 1 mum and an average aspect ratio of 5. The volume filling ratio of the metal nanoparticles is more than 40% and less than 80% as a whole relative to the particle aggregations.