A method of manufacturing an inductor component includes preparing an insulating paste that is photosensitive and that includes a filler material composed of quartz, a glass material and a resin material, and a conductive paste, forming a first insulating layer by applying the insulating paste, and exposing the first insulating layer in a state where a first portion of the first insulating layer is shielded by a mask. The method further includes removing the first portion of the first insulating layer to form a groove at a position corresponding to the first portion, applying the conductive paste in the groove to form a coil conductor layer in the groove, and applying the insulating paste on the first insulating layer and the coil conductor layer to form a second insulating layer.