A magnetic material suitable for a coil component has multiple metal grains constituted by Fe—Si-M soft magnetic alloy (where M is a metal element that oxidizes more easily than Fe) and oxide film formed on the surface of the metal grains, wherein such magnetic material includes a grain compact having bonding parts where adjacent metal grains are bonded together via the oxide film formed on their surface, and bonding parts where metal grains are directly bonded together in areas where oxide film does not exist. The magnetic material is capable of improving both insulation resistance and magnetic permeability.