Abstract: Ferromagnetic granular ultrafine particles consisting essentially of .epsilon.' iron carbide represented by the composition formula:.epsilon.'-Fe.sub.2.2 Chaving an average particle size of about 0.01 to 0.2 .mu.m, and ferromagnetic acicular ultrafine particles consisting essentially of .epsilon.' iron carbide represented by the composition formula:.epsilon.'-Fe.sub.2.2 Chaving a major axis of about 0.05 to 0.5 .mu.m, a minor axis of about 0.01 to 0.06 and an axial ratio of 4 to 20, which have good coercive force and a small magnetic domain.