The present review predominantly deals with the literature on Fe-Sn magnetic materials (having Phosphorous as one of the alloying elements) produced from powders, using compacting and sintering. Influence of the alloy chemistry and processing parameters on the physical, electrical, magnetic and mechanical properties are also highlighted. Structure sensitive properties are sensitive to the metallurgical conditions and the microstructure of the material; in turn these properties are governed by the processing parameters such as use of the binder and or lubricant, compacting pressure, sintering temperature, sintering time and sintering atmosphere, and these are therefore dependent upon processing techniques.