A magnetic composite material is fabricated from Zn-22A1 base superplastic pre-alloy powder and ferromagnetic one. A problem yet to be solved in the magnetic composite material is to improve magnetic characteristics and mechanical properties of the material. Then in this research, it is carried out to find the optimum forming conditions for improving the mechanical properties of the material. For this purpose, it is investigated with regard to the fabrication factors such as mixing process and forming temperature. Also dimension and the magnetic characteristics of the material are investigated. It is found that crushing strength of the magnetic composite material made by Zn-22Al-1.0Cu-0.03Mg pre-alloy powder mixed with strontium ferromagnetic powder of 50wt% reaches 157MPa under the condition of the forming temperature at 420°C and forming pressure of 300MPa.