A coil electronic component includes a body having one surface and the other surface, opposing each other, and a plurality of wall surfaces respectively connecting the one surface and the other surface of the body, first and second recesses, respectively formed in both end surfaces of the body opposing each other among the plurality of wall surfaces of the body, extending to the one surface of the body, a wound coil, embedded in the body, including first and second lead-out portions, a first external electrode disposed along an internal wall of the first recess and the one surface of the body and connected to the first lead-out portion, and a second external electrode disposed along an internal wall of the second recess and the one surface of the body and connected to the first lead-out portion. The first and second external electrodes are spaced apart from each other.