A coil component includes a body having a bottom surface and a top surface opposing each other in one direction, and a plurality of walls each connecting the bottom surface to the top surface of the body; recesses respectively formed in both front and rear surfaces of the body opposing each other among the plurality of walls of the body and extending up to the bottom surface of the body; a coil portion buried in the body and including first and second lead-out portions exposed to internal walls and lower ledge surfaces of the recesses; first and second external electrodes respectively including connection portions disposed in the recesses and extended portions disposed on the bottom surface of the body, and connected to the coil portion; a shielding layer including a cap portion disposed on the top surface of the body and side wall portions respectively disposed on the plurality of walls of the body; and an insulating layer disposed between the body and the shielding layer and extending onto lower ledge surfaces and internal walls of the recesses to cover the connection portions.