A resin composition for a resin magnet includes a resin binder containing a thermoplastic resin as a main component and a polymerized fatty acid based polyamide elastomer: and a magnetic powder mixed and dispersed in said resin binder. The resin composition further contains an ultra fine powder of an inorganic filler having a particle size of 1 .mu.m or less. A process of producing pellets of a resin composition for a resin magnet, includes the steps of: mixing pellets of a binder resin with a magnetic powder on a batch processing basis; supplying the mixture to a kneading-extruder by means of a counting feeder; and extrusion-molding the mixture, to obtain pellets of a molding material for a resin magnet, in which the magnetic powder is mixed and dispersed in the binder resin.
