A magnetic material with high permeability and low loss characteristics at high frequency is required for miniaturizing electronic components such as antennas. The key factors to keeping low magnetic loss are a high magnetic resonance frequency and the suppression of the eddy currents. We have fabricated a low-loss magnetic composite material by dispersing Ni 78Fe22 (permalloy) fine flakes in polymers; the thickness of the flakes was less than skin depth. The magnetic loss decreased with increased stirring time, and the minimum value occurred when the agglomerated particles decreased and most of the particles were deformed into flakes. Moreover, Zn5Ni75Fe20 composite material indicated high permeability when the flakes were oriented in the direction of sheets. The effect of wavelength shortening by permeability enhancement and the low loss characteristic were confirmed by experimental results of a rod antenna loaded with the developed magnetic composite material.