A coil component includes a body, including a coil and a support member supporting the coil, and an external electrode disposed on an external surface of the body. The coil component includes a machined surface formed on a boundary surface between a portion of the support member, removed in the vicinity of a junction portion between the external electrode and the coil, and the remainder of the support member. A cavity, from which the portion of the support member has been removed, is filled with a magnetic material, or an insulating layer is disposed in the cavity.