A coil electronic component includes a body having first to fourth surfaces, an insulating substrate disposed in the body, coil portions disposed on opposing surfaces of the insulating substrate, respectively, a first lead-out portion connected to one of the coil portions and exposed from the first and third surfaces, a second lead-out portion connected to another of the coil portions and exposed from the second and third surfaces, and first and second external electrodes covering the first and second lead-out portions, respectively. The insulating substrate includes a support portion supporting the coil portions, a first end portion extending from the support portion and including end surfaces respectively exposed from the first and third surfaces and spaced apart from each other, and a second end portion extending from the support portion and including end surfaces exposed from the second and third surfaces and spaced apart from each other.