The wet etching characteristics of magnetic materials such as NiFe and CoFe were investigated in terms of etch rate and etch profile by using variouus etching solutions (etchants). Among the various etching solutions, HNO$_3$, HCl, and H$_2$SO$_4$were selected for the etching of magnetic materials and showed distinct results. In the case of NiFe films, faster etch rate were obtained with HNO$_3$solution. When NiFe films ere etched with HCl solution, white etch residues were found on the surface of etched films. From FEAES analysis of these etch residues, they were proved to be by-product from the reaction of NiFe with Cl element. CoFe thin films showed the similar trend to the case of NiFe films. They were etched fast in HNO$_3$ solution while Chl solution represented slow etching. The etch profiles of CoFe films showed smooth etch profile but revealed the partial etching around the patterns in HNO$_3$solution of relatively high concentration. It was observed that the etched surface was clean and smooth, and that white etch residues were also remained on the etched films.