The present invention provides hexagonal ferritemagnetic powder which is extremely useful in achieving both an increase in recording density and an increase in SNR of a magnetic recording medium, is crystalline and has a high saturation magnetization. The hexagonal ferritemagnetic powder contains Bi in a range of a Bi / Fe molar ratio of 0.035 or less, has a saturation magnetization σs of 42.0 Am 2 / kg or more, and a Dx volume of 1800 nm 3 or less, based on a microcrystal diameter. The magnetic powder can be produced by a method for producing hexagonal ferrite magnetic powder, comprising a process of immersing hexagonal ferrite magnetic powder containing Bi in a solution in which a compound X that forms a complex with Bi is dissolved, thereby performing a treatment of dissolving a part of the Bi present in the hexagonal ferrite magnetic powder into the solution.