A method for manufacturing a powder magnetic core, including a step of compacting a raw material powder to form a compact, a step of performing a first heat treatment on the compact to obtain a first heat-treated body, and a step of performing a second heat treatment on the first heat-treated body to obtain a second heat-treated body, wherein the raw material powder contains a soft magnetic powder and a lubricant that has a melting point Tm, the first heat treatment is performed in a temperature range from Tm to Tm+50° C. inclusive for a time longer than 10 minutes, and the second heat treatment is performed in a temperature range from 400° C. to 900° C. inclusive for a time of 3 minutes to 90 minutes inclusive, the temperature range of the second heat treatment being higher than the temperature range of the first heat treatment.