The steel material according to the present disclosure has a chemical composition consisting of, in mass %, C: 0.20 to 0.35%, Si: 0.05 to 1.00%, Mn: 0.01 to 1.00%, P: 0.025% or less, S: 0.0100% or less, Al: 0.005 to 0.100%, Cr 0.25 to 0.80%, Mo: 0.20 to 2.00%, Ti: 0.002 to 0.050%, B: 0.0001 to 0.0050%, N: 0.0020 to 0.0100% and O: 0.0100% or less, with the balance being Fe and impurities, and satisfying Formula (1). A number density of precipitates having an equivalent circular diameter of 400 nm or more is 0.150 particles/μm2 or less. The yield strength is within a range of 655 to 965 MPa. A dislocation density ρ is 7.0×1014 m−2 or less. 5×Cr—Mo-2×(V+Ti)≤3.00  (1)