A method for producing a main phase alloy for a rare earth magnet to be processed through a two-alloy-blending method, the main phase alloy containing R (R represents at least one rare earth element including Y) in an amount of 26 to 30% by mass and B in an amount of 0.9 to 1.1% by mass, with the balance being T (T represents transition metals including Fe as an essential element), wherein R has a Pr content of at least 5% by mass and the main phase alloy has a percent volume of region containing α-Fe on the basis of the entire microstructure of 5% or less, and wherein at least one surface thereof has a surface roughness, as represented by 10-point average roughness (Rz), falling within a range of 5 μm to 50 μm, the process comprising a centrifugal casting method including depositing and solidifying a molten metal on an inner surface of a cylindrical mold which is rotating.