Abstract: A method for producing a Fe—Co based target material for forming a soft magnetic thin-film comprising the steps of: preparing a first raw-material powder having an Fe:Co weight ratio ranging from 8:2 to 7:3 and a second raw-material powder having an Fe—Co weight ratio ranging from 2:8 to 0:10; mixing the first raw-material powder and the second raw-material powder together to obtain a powder mixture having an Fe:Co weight ratio ranging from 8:2 to 2:8; and applying a pressure of not less than 100 MPa to the powder mixture at a temperature ranging from 1073 to 1473 K for consolidation. At least one additional element selected from the group consisting of Nb, Zr, Ta and Hf is added to either one or both of the first and second raw-material powders in a total amount of 3 to 15 atom % with respect to the total amount of the powder mixture.