A magnetic element includes a magnetic core assembly and a winding assembly. The magnetic core assembly includes a first magnetic part and a second magnetic part arranged independently. The winding assembly includes a first winding. The first winding is wound around the first magnetic part. Moreover, at least a portion of a substrate is formed as the first winding. The substrate includes a first accommodation space, a second accommodation space and a first metal structure. Moreover, at least a portion of the first metal structure is formed as at least a portion of the first winding. At least a portion of the first magnetic part and at least a portion of the second magnetic part are disposed within the first accommodation space and the second accommodation space, respectively. The substrate has an integral structure.