An object is to provide a magnetic material and coil component offering improved magnetic permeability and insulation resistance, while also offering improved high-temperature load, moisture resistance, water absorbency, and other reliability characteristics at the same time. A magnetic material that has multiple metal grains constituted by Fe—Si-M soft magnetic alloy (where M is a metal element that oxidizes more easily than Fe), as well as oxide film constituted by an oxide of the soft magnetic alloy and formed on the surface of the metal grains, wherein the magnetic material has bonding parts where adjacent metal grains are bonded together via the oxide film formed on their surface, as well as bonding parts where metal grains are directly bonded together in areas having no oxide film, and resin material is filled in at least some of the voids generating as a result of accumulation of the metal grains.