The present invention provides a magnetic powder core, composite powder used for the magnetic powder core, and a production method for the both. The composite powder is blended and formed by powder A and powder B, the content of which comprises 50-96wt percent of the powder A and 4-50wt percent of the powder B; wherein, the powder A is one out of iron powder, Fe-Si powder, Fe-Si-Al powder, Fe-based nanometer crystal powder, Fe-base amorphous powder, Fe-Ni powder and Fe-Ni-Mo powder; the powder B has different demand characteristics compared with the powder A and is selected from at least one out of iron powder, Fe-Si powder, Fe-Si-Al powder, Fe-based nanometer crystal powder, Fe-based amorphous powder, Fe-Ni powder and Fe-Ni-Mo powder. The powder B can be Fe-based soft magnetic amorphous powder as the insulating agent, which can reduce the wastage of magnetic powder core and make up for the declining magnetic conductivity of magnetic powder core caused by the traditional insulating agent. The excellent of soft magnetic properties of the insulating agent is utilized to improve frequency features of the magnetic powder core.