Possessing Th2Zn17 type crystal structure, the disclosed material of anisotropic rare earth permanent magnet with its components can be expressed as (Sm1-alphaRalpha)xFe100-x-y-zMyIz, where R as Pr or combination between Pr or other rare earth elements, 0.01<= alpha <=0.30, M selected from Si, Ti, V, Cr, Mn, Co, Ni, Cu, Zn, Nb, Mo, Al, and Zr, I as N only or combination between N and C, 7<=x<=12,0.01<=y<=8.0,6<=z<=14.4. Using the specific technique produces magnetic powder of single crystal grain in sheet form with average grain size as 1-3 micro. The magnetic powder possesses anisotropy of magnetocrystalline under action of external magnetic field as well as rolling anisotropy and stress anisotropy. Based on three kinds of anisotropy, the invention discloses method for preparing high performance flexible rubber magnet with rolling anisotropy.