A coil electronic component includes a body including a coil portion disposed therein, and including a plurality of magnetic particles, and external electrodes connected to the coil portion. The body includes an internal region and a protective layer disposed on a surface of the internal region. A first particle of the plurality of magnetic particles included in the protective layer includes an oxide film disposed on a surface of the first particle, and a second particle, having a size greater than a size of the first particle, of the plurality of magnetic particles includes a coating layer disposed on a surface of the second particle and having a composition different from a composition of the oxide film.