The present invention enables the achievement of: an SMC which has excellent flexibility, while being suppressed in tackiness; and a fiber-reinforced composite material which uses this SMC, thereby being reduced in voids after molding. In order to achieve the above, a sheet molding compound according to the present invention has the configuration described below. Specifically, a sheet molding compound according to the present invention is formed from reinforcing fibers and a resin composition, and has a weight content of the fibers of from 40% to 60% (inclusive) and an air bubble content of from 5% by volume to 30% by volume (inclusive), while satisfying the formulae below in a dynamic viscoelasticity measurement at 25° C. 105 Pa G′ (s)≤109 Pa 1≤G′(s)/G″ (s)≤5 G′(s): storage elastic modulus (Pa) of sheet molding compound at 25° C. G″(s): loss elastic modulus (Pa) of sheet molding compound at 25° C.