Materials for permanent magnets like barium ferrites and Alnicos and more recently Nd–Fe–B based magnets have found a wide range of industrial applications. However, corrosion can be a serious problem for these materials. The present research work is devoted to analyse the electrochemical response of magnetic materials like Nd–Fe–B and Alnico. Both materials were tested under three different electrolytes at room temperature. The results showed that, for a given material exposed to the various solutions, their corrosion potentials varied slightly. However, a comparison between both materials showed significant differences in corrosion potentials. Further, differences in corrosion rates of about four orders of magnitude were recorded. So far, the Nd–Fe–B material disclosed the best corrosion resistance.