An investigation of the relationship between reversible and irreversible magnetization has been carried out. Measurements of reversible susceptibility and reversible magnetization, M(rev), in Alnico are found to depend on irreversible magnetization, M(irr). When evaluated at constant values of applied field, M(rev) is found to decrease with increasing irreversible magnetization, M(irr). In anisotropic Alnico the dependence of M(rev) on M(irr) is sufficiently large to cause M(rev) to decrease with increasing applied field along the magnetization curve at fields near coercivity. The results are evaluated in terms of a phenomenological model which takes M(irr) and the internal field, H-i, as constitutive variables which determine M(rev).