A coil component includes a body having one surface and another surface opposing each other and a plurality of wall surfaces each connecting the one surface to the other surface of the body. A pair of recesses are disposed in a respective end surface of a pair of opposing end surfaces of the body and each extend to the one surface. A coil portion includes first and second lead-out portions disposed on a surface of an internal insulating layer embedded in the body, and the coil portion is exposed to an internal wall and a bottom surface of each of the pair of recesses. First and second external electrodes are each disposed along the internal wall of a respective recess and along the one surface of the body to be connected to the coil portion, and are spaced apart from each other on the one surface of the body.