The magnetic properties of Ce 0.5 Gd 0.5 Ni was studied by soft X-ray magnetic circular dichroism (XMCD) study at the Gd M 4,5 , Ni L 2,3 , and Ce M 4,5 absorption edges, which gives information about the magnetic moments of the Gd 4f , Ni 3d, and Ce 4f electrons. It was found that, while the magnetic properties of this material are dominated by the ferromagnetic behavior of the Gd 4f electrons, the Ni 3d and Ce 4f electrons have finite magnetic moments aligned antiparallel to the Gd 4f magnetic moment. Although the Gd 4f and Ni 3d magnetic moments show a saturation at around 2 T, the Ce 4f magnetic moment takes a maximum at around 2 T and then shows a linear decrease with magnetic field.