Provided are a coupled inductor and a power module including the coupled inductor. A coupled inductor includes: a magnetic core, a first winding and a second winding, where a first passage is formed in the magnetic core; a part of the first winding and a part of the second winding pass through the first passage, and the first winding crosses with the second winding outside the first passage. Another coupled inductor includes: a magnetic core, a first winding and a second winding, where the magnetic core has a first passage and a second passage in parallel, both run through the magnetic core from one end face thereof to another opposite end face, where the first winding and the second winding both penetrate the first passage and the second passage, such that differently-named terminals of the windings are located on the same end face of the magnetic core.