An insulating magnetic metal particle includes a magnetic metal particle containing at least one metal selected from the group consisting of Co, Fe, and Ni and having a diameter of 5 to 500 nm, a first inorganic insulating layer made of an oxide that covers the surface of the magnetic metal particle, and a second inorganic insulating layer made of an oxide that produces a eutectic crystal by reacting together with the first inorganic insulating layer at the time of heating them, the second inorganic insulating layer being coated on the first inorganic insulating layer. A thickness ratio of the second inorganic insulating layer with respect to the first inorganic insulating layer is set so that the first inorganic insulating layer remains on the surface of the magnetic metal particle after producing the eutectic crystal.