The present disclosure provides a coupled inductor and a power module. The coupled inductor includes a magnetic core, a first winding, a second winding, and an adjustment structure located in the magnetic core. At least part of the first winding and at least part of the second winding are in the magnetic core, a stacked portion of the first winding and a stacked portion of the second winding are stacked in a height direction, a non-stacked portion of the first winding and the second winding are not stacked in the height direction, and a non-stacked portion of the second winding and the first winding are not stacked in the height direction. The adjustment structure which is adjoining the non-stacked portion of the first winding and the non-stacked portion of the second winding and has a lower magnetic permeability than that of the magnetic core may adjusts leakage inductance.