A magnetic material is constituted by a grain compact formed by compacting multiple metal grains that in turn are constituted by an Fe—Si-M soft magnetic alloy (where M is a metal element that oxidizes more easily than Fe), wherein individual metal grains have oxide film formed at least partially around them as a result of oxidization of the metal grains; the grain compact is formed primarily via bonding between oxide films formed around adjacent metal grains; and the apparent density of the grain compact 1 is 5.2 g/cm3 or more, or preferably 5.2 to 7.0 g/cm3.