It is an object of the present disclosure to produce a soft magnetic material having high saturation magnetization by heat-treating a Fe-based amorphous alloy, without needing the control of the atmosphere. The present disclosure provides a method for producing a soft magnetic material, including heat treating a Fe-based amorphous alloy in a state in which the alloy is wrapped with a sheet comprising one or more substances having a standard Gibbs energy of formation of an oxide thereof that is larger in a negative direction than Fe, to form a crystal phase.