A powder magnetic core manufacturing method includes: a first step of mixing a binder with a soft magnetic material powder containing Fe-M (M: Al or Cr)-based alloy particles on which an insulating layer is formed; a second step of filling a pressing die with a mixture obtained through the first step, subjecting the mixture to pressing to obtain a green compact, and slidingly demolding the green compact from the pressing die; a third step of processing the green compact after the second step and removing expansion deformed matter of the alloy particles present in a region of pressing flaws formed on a surface of the green compact during the slidingly demolding; and a fourth step of subjecting the green compact after the third step to heat treatment to oxidize surfaces of the Fe-M (M: Al or Cr)-based alloy particles at high temperature, so that the oxide phase is formed.