The invention provides an Fe—Ni—Mo soft magnetic flaky powder having a component composition of, in percent by mass, Ni: 60 to 90%, Mo: 0.05 to 1.95%, and the balance of Fe and unavoidable impurities, and a flat surface of an average particle size of 30 to 150 μm, and an aspect ratio (average particle size /average thickess) of 5 to 500; and having a peak intensity ratio I200/I111 within a range between 0.43 and 10, where I200 is the peak height of the face index (200) and I111 is the peak height of the face index (111), in an X-ray diffraction pattern measured in such a manner that the plane including the X-ray incident direction and the diffraction direction is perpendicular to the flat surface of the soft magnetic flaky powder, and the angle between the incident direction and the flat surface is equal to the angle between the diffraction direction and the flat surface. Furthermore, the invention provides a soft magnetic flaky powder with oxide layer wherein an oxide layer of a thickness of 50 to 1000 Å is formed on the surface of this soft magnetic flaky powder.