A coil electronic component includes a magnetic body having an internal coil part embedded therein, in which the internal coil part includes an insulating substrate, a first insulator, a coil conductor, and a second insulator. The first insulator is disposed on at least one of first and second main surfaces of the insulating substrate and has a groove formed therein. The coil conductor is formed inside the groove. The second insulator encloses the insulating substrate, the first insulator, and the coil conductor. The first insulator may be formed to a thickness larger than (and no more than 40 μm thicker than) a thickness of the coil conductor on the insulating substrate. The first insulator may be formed to a width of 3 μm to 50 μm. Further, the second insulator may extend to a thickness 1 μm to 20 μm larger than that of the first insulator on the insulating substrate.