An inductance element (4) is provided with a magnetic metallic substrate (2), a first gap layer (24) arranged on the surface of the magnetic metallic substrate (2), and a first magnetic-flux-generating layer (26) arranged on the first gap layer (24). The magnetic metallic substrate is provided with a metallic substrate (10) having a first magnetic permeability, a first insulating layer (16a) arranged inside the metallic substrate (10), and a first metallic-wiring layer (22) arranged on the first insulating layer (16a) and having a second magnetic permeability. Provided are: the magnetic metallic substrate, which is thin, capable of handling a large electric current, and exceptional in high-frequency characteristics; and the inductance element, in which the magnetic metallic substrate is applied, the inductance element being thin, capable of forming a small mounting area, high in inductance value, capable of handling a large electric current, and exceptional in high-frequency characteristics.