A magnetic material includes a grain compact in which metal grains having oxide films are compacted, wherein the metal grains are constituted by Fe—Si-M soft magnetic alloy (where M represents a metal element that oxidizes more easily than iron), the metal grains in the grain compact are mutually bonded with adjacent metal grains by inter-bonding of their oxide films, and at least some of this bonding of oxide films takes the form of bonding of crystalline oxides, or preferably at least some of the bonding of oxides is based on continuous lattice bond. A coil component has a coil on an interior or surface of an element body wherein the element body uses the magnetic material.