A magnetic element may include a first core member, a second core member facing the first core member along an entire outer periphery thereof, a coil, and a base shaped body on which the first core member and the second core member are placed. The base shaped body is provided with a base member and a terminal member, and the terminal member is provided with a binding terminal part, which projects outward in a first corner part of the base member and projects from the base member on a side lower than a portion of a winding frame part side of one flange part. The second core member is provided with a cutout part at a portion corresponding to the first corner part of the base member for allowing insertion of an end drawn out from the winding frame part in a state of not contacting the second core member.