The magnetization of most materials decreases with increasing temperature due to thermal deterioration of magnetic ordering. Here, we show that Mn 4C phase can compensate the magnetization loss due to thermal agitation. The Mn–C nanoparticles containing ferrimagnetic Mn 4C and other Mn–C/Mn-O phases were prepared by using the traditional arc-discharge method. A positive temperature coefficient of magnetization (~0.0026 Am 2 kg −1 K −1) and an exchange bias up to 0.05 T were observed in the samples. We ascribe the exchange bias to the co-existence of ferrimagnetic Mn 4C/Mn 3O 4 and antiferromagnetic α-Mn(C)/MnO phases. The positive temperature coefficient of magnetization of the samples was ascribed to the presence of Mn 4C phase, which is considered as a Néel’s P-type ferrimagnet.