A steel material comprising a chemical composition consisting of, in mass%, C: 0.10 to 0.60%, Si: 0.05 to 1.00%, Mn: 0.05 to 1.00%, P: 0.025% or less, S: 0.0100% or less, Al: 0.005 to 0.100%, Cr: 0.20 to 1.50%, Mo: 0.25 to 1.50%, V: 0.01 to 0.60%, Ti: 0.002 to 0.050%, B: 0.0001 to 0.0050%, N: 0.0020 to 0.0100%, O: 0.0100% or less, Nb: 0 to 0.030%, Ca: 0 to 0.0100%, Mg: 0 to 0.0100%, Zr: 0 to 0.0100%, Co: 0 to 0.50%, W: 0 to 0.50%, Ni: 0 to 0.50%, Cu: 0 to 0.50%, rare earth metal: 0 to 0.0100%, and with the balance being Fe and impurities, wherein in the steel material, among precipitates having an equivalent circular diameter of not more than 80 nm, a numerical proportion of precipitates for which a ratio of a Mo content to a total content of alloying elements excluding carbon is not more than 50% is 15% or more, a yield strength is within a range of 655 to 1172 MPa, as measured according to the method described in the description, a dislocation density p is 3.5×10 15 m -2 or less, in a case where the yield strength is within a range of 655 to less than 758 MPa, the dislocation density ρ is less than 2.0×10 14 m -2 and Fn1 that is expressed by Formula is less than 2.90, in a case where the yield strength is within a range of 758 to less than 862 MPa, the dislocation density ρ is 3.0×10 14 m -2 or less and Fn1 that is expressed by Formula is 2.90 or more, in a case where the yield strength is within a range of 862 to less than 965 MPa, the dislocation density ρ is within a range of more than 3.0×10 14 to 7.0×10 14 m -2, in a case where the yield strength is within a range of 965 to less than 1069 MPa, the dislocation density ρ is within a range of more than 7.0×10 14 to 15.0×10 14 m -2, and in a case where the yield strength is within a range of 1069 to 1172 MPa, the dislocation density ρ is within a range of more than 1.5×10 15 to 3.5×10 15 m -2: Fn 1 = 2 × 10 − 7 × √ ρ + 0.4 / 1.5 − 1.9 × C where, in Formula, a dislocation density m -2 is substituted for p, and a C content in the steel material is substituted for. a chemical composition consisting of, in mass%, C: 0.10 to 0.60%, Si: 0.05 to 1.00%, Mn: 0.05 to 1.00%, P: 0.025% or less, S: 0.0100% or less, Al: 0.005 to 0.100%, Cr: 0.20 to 1.50%, Mo: 0.25 to 1.50%, V: 0.01 to 0.60%, Ti: 0.002 to 0.050%, B: 0.0001 to 0.0050%, N: 0.0020 to 0.0100%, O: 0.0100% or less, Nb: 0 to 0.030%, Ca: 0 to 0.0100%, Mg: 0 to 0.0100%, Zr: 0 to 0.0100%, Co: 0 to 0.50%, W: 0 to 0.50%, Ni: 0 to 0.50%, Cu: 0 to 0.50%, rare earth metal: 0 to 0.0100%, and with the balance being Fe and impurities, wherein in the steel material, among precipitates having an equivalent circular diameter of not more than 80 nm, a numerical proportion of precipitates for which a ratio of a Mo content to a total content of alloying elements excluding carbon is not more than 50% is 15% or more, a yield strength is within a range of 655 to 1172 MPa, as measured according to the method described in the description, a dislocation density p is 3.5×10 15 m -2 or less, in a case where the yield strength is within a range of 655 to less than 758 MPa, the dislocation density ρ is less than 2.0×10 14 m -2 and Fn1 that is expressed by Formula is less than 2.90, in a case where the yield strength is within a range of 758 to less than 862 MPa, the dislocation density ρ is 3.0×10 14 m -2 or less and Fn1 that is expressed by Formula is 2.90 or more, in a case where the yield strength is within a range of 862 to less than 965 MPa, the dislocation density ρ is within a range of more than 3.0×10 14 to 7.0×10 14 m -2, in a case where the yield strength is within a range of 965 to less than 1069 MPa, the dislocation density ρ is within a range of more than 7.0×10 14 to 15.0×10 14 m -2, and in a case where the yield strength is within a range of 1069 to 1172 MPa, the dislocation density ρ is within a range of more than 1.5×10 15 to 3.5×10 15 m -2: Fn 1 = 2 × 10 − 7 × √ ρ + 0.4 / 1.5 − 1.9 × C where, in Formula, a dislocation density m -2 is substituted for p, and a C content in the steel material is substituted for.