A magnetic material includes a soft magnetic metal grain containing Fe, and a multilayer oxide film covering the surfaces of the soft magnetic metal grain. The multilayer oxide film has a first oxide layer of crystalline nature containing Fe, and a second oxide layer of amorphous nature containing Si. In an embodiment, the silicon oxide film of amorphous nature is formed by dripping, divided into multiple sessions, a treatment solution containing TEOS (tetraethoxy silane), ethanol, and water into a mixed solution containing the soft magnetic metal grain, ethanol, and ammonia water, to mix the solutions.