A magnetic material is disclosed, which includes magnetic particles containing at least one magnetic metal selected from the group including Fe, Co and Ni, and at least one non-magnetic metal selected from Mg, Al, Si, Ca, Zr, Ti, Hf, Zn, Mn, rare earth elements, Ba and Sr; a first coating layer of a first oxide that covers at least a portion of the magnetic particles; oxide particles of a second oxide that is present between the magnetic particles and constitutes an eutectic reaction system with the first oxide; and an oxide phase that is present between the magnetic particles and has an eutectic structure of the first oxide and the second oxide.