The present disclosure aims to provide a bonded magnet having good magnetic properties and a method of preparing the bonded magnet. The present disclosure provides a method of preparing a bonded magnet, including: a first compression step of compressing a magnetic powder having an average particle size of 10 μm or less while magnetically orienting it to obtain a first molded article; a second compression step of bringing the first molded article into contact with a thermosetting resin having a viscosity of 200 mPa·s or less, followed by compression to obtain a second molded article; and a heat treatment step of heat treating the second molded article.