A method of manufacturing a sputtering target, comprising the step of sintering a gas atomized powder to produce a sputtering target having an amorphous structure with an average crystallite size of 1 nm to 5 nm and a relative density of at least 96.4%, said powder being an alloy powder having a three or more component system containing at least one element selected from the group consisting of Zr, Pt, Pd, Fe, Co, and Cu as its primary component in an atomic ratio of 50 at % or more, and said alloy possessing the requirements of a metallic glass satisfying an atomic radius difference of 12% or more and negative heat of mixing.