The present invention does not use heavy rare earths and forms a grain boundary phase containing a large amount of Ce, thereby providing an R-T-B system permanent magnet having a sufficiently high coercive force and having the R-T-B system with abundant and inexpensive materials. T‑B series permanent magnet motors. The permanent magnet provided by the present invention is characterized in that it contains a main phase composed of R2T14B structure (R is at least one element in Y, La, Ce, Pr, Nd, Sm, Eu, Gd, and T is necessarily Fe. Or with Fe and Co as one or more necessary transition metal elements), and by CexM1-x (M is Mg, Al, Si, Ti, Cr, Mn, Fe, Co, Ni, Cu, Zn, Ga, Y , Zr, Nb, Mo, Ag, In, Sn, La, Pr, Nd, Sm, Eu, Gd, Hf, Ta, W, Bi at least one element, x is 0.20≤x≤0.55) boundary phase, and the cross-sectional area ratio Atre of the grain boundary phase relative to the entire magnet structure is 0.03<Atre<0.07.