The objective is to provide a soft magnetic metal powder-compact magnetic core and a reactor with an excellent DC superposition characteristic. The soft magnetic metal powder-compact magnetic core contains a soft magnetic metal powder, boron nitride and a silicon compound, when its section is ground and then observed, the ratio of the area occupied by the soft magnetic metal powder to that of the section of the soft magnetic metal powder-compact magnetic core is 90% or more and 95% or less, and a roundness of the section of 80% or more of the particles constituting the soft magnetic metal powder is 0.75 or more and 1.0 or less, and boron nitride exists in 70% or more of the voids-among-multiple-particles among the voids-among-multiple-particles in the section of the soft magnetic metal powder-compact magnetic core. Thus, the soft magnetic metal powder-compact magnetic core with an excellent DC superposition characteristic can be obtained.