A circulator includes a circulator element (50) with inner conductors (41) having a predetermined pattern and an insulating ferromagnetic material body (40) closely surrounding the inner conductors. The insulating ferromagnetic material body is constituted by a fired single continuous body. The circulator also includes a plurality of terminal electrodes (76) formed on side surfaces of the circulator element and electrically connected to one end of the inner conductors, a plurality of circuit elements (51a, 51b, 51c) electrically connected to the terminal electrodes, and excitation permanent magnets (52, 53) for applying a dc magnetic field to the circulator element.