The invention provides a method for manufacturing a soft magnetic material, wherein an Fe—Si alloy powder is heated in a weakly oxidizing atmosphere to form a SiO2 oxide film on the surface, and the powder is then press-molded and fired in a weakly oxidizing atmosphere to obtain a sintered product. By performing the surface oxidizing step in a weakly oxidizing atmosphere such as water vapor, Si is selectively oxidized to form a thin oxide film with high electrical resistance. Furthermore, by firing the molded product in a weakly oxidizing atmosphere, the sintering can be performed while the oxide film, in which cracks and the like are generated at the press-molding, is repaired.