A power module including a power device and a magnetic component is provided. The magnetic component is stacked with the power device and a vertical projection of the magnetic component is at least partially overlapping with the power device. The magnetic component includes a magnetic core and a winding set. The magnetic core includes a first surface, a second surface and at least one window. The window is located between the first surface and the second surface, and includes a passing-through axis vertical to a surface of the power device, where at least one leading pin or pad is disposed on the surface of the power device. The winding set includes at least one winding portion. The winding portion passes through the window and electrically connected to the power device. Each winding set and the magnetic core are configured to form an inductor, and the winding set is preformed.