A method for manufacturing a sputtering target includes the steps of: providing a highly pure matrix material containing a magnetic metal, and a highly pure precious metal ingot material; cleaning the surfaces of the matrix material and the precious metal ingot; vacuum melting the matrix material and the precious metal ingot to obtain a molten alloy; pouring the molten alloy in a mold having a cooling system while maintaining a surface of the molten alloy at a molten state by arc heating until the pouring is finished, thereby forming the molten alloy into a cast blank; hot working the cast blank; and annealing the cast blank after the hot working.