A steel material, wherein a chemical composition of the steel material consists of, in mass%, C: more than 0.20 to 0.35%, Si: 0.05 to 1.00%, Mn: 0.02 to 1.00%, P: 0.025% or less, S: 0.0100% or less, Al: 0.005 to 0.100%, Cr: 0.40 to 1.50%, Mo: 0.30 to 1.50%, Ti: 0.002 to 0.050%, B: 0.0001 to 0.0050%, N: 0.0100% or less, O: 0.0100% or less, V: 0 to 0.60%, Nb: 0 to 0.030%, Ca: 0 to 0.0100%, Mg: 0 to 0.0100%, Zr: 0 to 0.0100%, rare earth metal: 0 to 0.0100%, Co: 0 to 0.50%, W: 0 to 0.50%, Ni: 0 to 0.10%, Cu: 0 to 0.50%, and with the balance being Fe and impurities, and a yield strength is 862 MPa or more as measured according to the method described in the description, wherein the steel material satisfies Formula and Formula, in the steel material, a numerical proportion of precipitates having an equivalent circular diameter within a range of 20 to 300 nm among precipitates having an equivalent circular diameter of 20 nm or more is 0.85 or more, as measured according to the method described in the description: 0.157 × C − 0.0006 × Cr − 0.0098 × Mo − 0.0482 × V + 0.0006 / θ Cr ≤ 0.300 1 + 263 × C − Cr − 16 × Mo − 80 × V / 98 − 358 × C + 159 × Cr + 15 × Mo + 96 × V ≤ 0.355 where, a content in mass% of a corresponding element is substituted for each symbol of an element in Formula and Formula, and if a corresponding element is not contained, "0" is substituted for the symbol of the relevant element, and a Cr concentration in mass fraction in precipitates having an equivalent circular diameter of 20 nm or more is substituted for θ Cr in Formula, as measured according to the method described in the description. a chemical composition of the steel material consists of, in mass%, C: more than 0.20 to 0.35%, Si: 0.05 to 1.00%, Mn: 0.02 to 1.00%, P: 0.025% or less, S: 0.0100% or less, Al: 0.005 to 0.100%, Cr: 0.40 to 1.50%, Mo: 0.30 to 1.50%, Ti: 0.002 to 0.050%, B: 0.0001 to 0.0050%, N: 0.0100% or less, O: 0.0100% or less, V: 0 to 0.60%, Nb: 0 to 0.030%, Ca: 0 to 0.0100%, Mg: 0 to 0.0100%, Zr: 0 to 0.0100%, rare earth metal: 0 to 0.0100%, Co: 0 to 0.50%, W: 0 to 0.50%, Ni: 0 to 0.10%, Cu: 0 to 0.50%, and with the balance being Fe and impurities, and a yield strength is 862 MPa or more as measured according to the method described in the description, wherein the steel material satisfies Formula and Formula, in the steel material, a numerical proportion of precipitates having an equivalent circular diameter within a range of 20 to 300 nm among precipitates having an equivalent circular diameter of 20 nm or more is 0.85 or more, as measured according to the method described in the description: 0.157 × C − 0.0006 × Cr − 0.0098 × Mo − 0.0482 × V + 0.0006 / θ Cr ≤ 0.300 1 + 263 × C − Cr − 16 × Mo − 80 × V / 98 − 358 × C + 159 × Cr + 15 × Mo + 96 × V ≤ 0.355 where, a content in mass% of a corresponding element is substituted for each symbol of an element in Formula and Formula, and if a corresponding element is not contained, "0" is substituted for the symbol of the relevant element, and a Cr concentration in mass fraction in precipitates having an equivalent circular diameter of 20 nm or more is substituted for θ Cr in Formula, as measured according to the method described in the description.