The invention offers a method for producing a soft magnetic material. The method effectively produces a soft magnetic material having soft magnetic metallic particles each coated with a plurality of insulating layers. A soft magnetic material to be used as the material for a dust core is produced through the following steps: a step of preparing a material powder having composite magnetic particles produced by forming an insulating film containing hydrated water on each of the surfaces of soft magnetic metallic particles, a step of preparing a resin material containing silicone that cures through a hydrolysis-polycondensation reaction, and a step of mixing the material powder and the resin material in a heated atmosphere at 80° C. to 150° C. to form a silicone film on the surface of the insulating film.