Disclosed are a magnetic coating material, a magnetic sheet, and a metal compatible tag that have excellent magnetic shielding characteristics against radio waves in the UHF band and do not interfere with a distribution process. A magnetic coating material includes a magnetic filler and a binder resin, wherein the magnetic filler is an Fe—Cr alloy, and wherein in a magnetic sheet formed from the magnetic coating material, complex relative permeability in 860 MHz to 960 MHz has a loss factor tan δ of 0.3 or less and a real part μ′ of 5 or more. Also, a magnetic coating material includes a magnetic filler and a binder resin, wherein the magnetic filler is an Fe—Cr alloy, and wherein a mass ratio of the magnetic filler to a solid content of the binder (mass of the magnetic filler/mass of the solid content of the binder) is from 70/30 to 95/5.