Provided is a Co-Cr-Pt-B-based alloy sputtering target having no more than 10 cracks of 0.1 to 20 mum in a B-rich phase in a 100 mum×100 mum area (field of view). Additionally provided is a method for producing this Co-Cr-Pt-B-based alloy sputtering target including the steps of hot forging or hot rolling a Co-Cr-Pt-B-based alloy cast ingot, thereafter performing cold rolling or cold forging thereto at an elongation rate of 4% or less, and machining the ingot to prepare a target having no more than 10 cracks of 0.1 to 20 mum in a B-rich phase in a 100 mum×100 mum area (field of view), or, hot forging or hot rolling the ingot, thereafter quenching the ingot to -196° C. to 100° C., and machining the ingot to prepare a target. The target of the present invention has high magnetic flux density and few microcracks in a B-rich layer, and thus stabilizes discharge and minimizes arcing.