Provided is a soft magnetic alloy which has high saturation flux density and low coercivity and is represented by the compositional formula (Fe(1−(α+β))X1αX2β)(1−(a+b+c+d+e+f))MaPbSicCudX3eBf, wherein X1 is at least one element selected from the group consisting of Co and Ni, X2 is at least one element selected from the group consisting of Ti, V, Mn, Ag, Zn, Al, Sn, As, Sb, Bi, and rare earth elements, X3 is at least one element selected from the group consisting of C and Ge, and M is at least one element selected from the group consisting of Zr, Nb, Hf, Ta, Mo, and W, and wherein 0.030≤a≤0.120, 0.010≤b≤0.150, 0≤c≤0.050, 0≤d≤0.020, 0≤e≤0.100, 0≤f≤0.030, α≥0, β≥0, and 0≤α+β≤0.55.