A soft magnetic material includes a plurality of composite magnetic particles each including a metal magnetic particle and an insulating coating film covering the metal magnetic particle. Each of the plurality of composite magnetic particles has a ratio Rm/c of a maximum diameter to a circle-equivalent diameter of more than 1.15 and not more than 1.35. The insulating coating film is composed of a thermosetting organic material and has a pencil hardness of 5H or higher after thermosetting. With this material, an eddy current loss can be reduced, and a compact with a high strength can be formed.