The present invention provides a composite magnetic core, containing magnetic powders poor in its moldability, which can be configured arbitrarily and has a magnetic characteristic excellent in direct current superimposition characteristics and a magnetic element composed of the composite magnetic core and a coil wound around the circumference thereof. A compressed magnetic body (2) obtained by compression-molding magnetic powders is combined with an injection-molded magnetic body (3) obtained by mixing a binding resin with magnetic powders having surfaces thereof electrically insulated and by injection-molding a mixture of the magnetic powders and the binding resin. The compressed magnetic body (2) is press-fitted into the injection-molded magnetic body (3) or bonded thereto at a combining portion thereof to obtain the combined body. The combined body is composed of the injection-molded magnetic body (3) constituting a housing in which the compressed magnetic body (2) is disposed.