A soft magnetic material powder includes soft magnetic material particles, the soft magnetic material particles each include a core formed from an Fe-based soft magnetic material and an insulating film covering the surface of the core, and the insulating film contains an inorganic oxide and a water soluble polymer. A magnetic core includes soft magnetic material particles and a binder bonding the soft magnetic material particles to each other, the soft magnetic material particles each include a core containing an Fe-based soft magnetic material and an insulating film covering the surface of the core, and the insulating film contains an inorganic oxide and a water soluble polymer.