A coil component includes a body having one surface and another surface opposing each other in one direction, a plurality of walls each connecting the one surface to the other surface, and a coil portion disposed therein. A recess extends along at least portions of edges common to the one surface and to walls of the plurality of walls. A lower insulating layer is disposed in the recess and on the one surface. First and second external electrodes penetrate through the lower insulating layer, are spaced apart from each other on the one surface of the body, and are connected to the coil portion. A shielding layer is disposed on the other surface of the body and the plurality of walls of the body, and extends to the one surface of the body to be spaced apart from the first and second external electrodes.