Theoretical saturation magnetization and magnetocrystalline anisotropy energy ͑MAE͒ of -phase ͑face-centered tetragonal͒ Mn 50 Al 50 alloy were obtained by first principles calculations, and the alloy was fabricated to compare the experimental values with the theoretical predictions. The calculated magnetic moment and MAE for -phase Mn 50 Al 50 were 2.37 B / f.u. and 0.259 meV/f.u. ͑1.525ϫ 10 6 J / m 3 ͒, respectively, which result in the maximum energy product ͑BH͒ max of 12.64 MG Oe and the magnetocrystalline anisotropy field of 38 kOe. The saturation magnetization for -phase Mn 54 Al 46 alloy was measured to be 98.3 emu/g, which gives 4.7 MG Oe of ͑BH͒ max . The magnetization is about 70% of the theoretical value of 144 emu/g.