A chip electronic component may include a magnetic material body including an insulating substrate and coil conductor patterns formed on at least one surface of the insulating substrate, and external electrodes disposed on both end portions of the magnetic material body so as to be connected to end portions of the coil conductor patterns, respectively. In a cross section of the magnetic material body in a length direction, a thickness of an innermost loop/section of the coil conductor patterns may be smaller than a thickness of the remaining loops/sections of the coil conductor pattern.