There are provided a chip electronic component including: a magnetic body including an insulating substrate and a conductive coil pattern which is disposed on at least one surface of the insulating substrate; and external electrodes disposed on both end portions of the magnetic body to be connected to end portions of the conductive coil pattern, wherein each of the external electrodes includes a first plating layer disposed on an end surface of the magnetic body to be connected to the conductive coil pattern and a conductive resin layer covering the first plating layer and extended to main surfaces of the magnetic body.