An object of the present invention is to provide a soft magnetic material exhibiting excellent magnetic characteristics regardless of the frequency to be applied and a dust core produced from the soft magnetic material. The means for solving the invention is a soft magnetic material that comprises metal magnetic particles 10 containing iron and oxygen. The ratio of oxygen contained in metal magnetic particles 10 is more than 0 and less than 0.05% by mass. A dust core produced using such a soft magnetic material has a coercive force of 2.0×102 A/m or less.