A steel material comprising: a chemical composition consisting of, in mass%, C: 0.20 to 0.35%, Si: 0.05 to 1.00%, Mn: 0.01 to 1.00%, P: 0.025% or less, S: 0.0100% or less, Al: 0.005 to 0.100%, Cr: 0.25 to 0.80%, Mo: 0.20 to 2.00%, Ti: 0.002 to 0.050%, B: 0.0001 to 0.0050%, N: 0.0020 to 0.0100%, 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%, Co: 0 to 0.50%, W: 0 to 0.50%, Ni: 0 to 0.50%, Cu: 0 to 0.50%, and rare earth metal: 0 to 0.0100%, with the balance being Fe and impurities, and satisfying Formula, wherein in the steel material, a number density of precipitates having an equivalent circular diameter of 400 nm or more is 0.150 particles/μm 2 or less, a yield strength is within a range of 655 to 965 MPa, and a dislocation density ρ is 7.0×10 14 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 1.4×10 14 m -2 or less, in a case where the yield strength is within a range of 758 to less than 862 MPa, the dislocation density ρ is within a range of more than 1.4×10 14 to less than 3.0×10 14 m -2, in a case where the yield strength is within a range of 862 to 965 MPa, the dislocation density ρ is within a range of 3.0×10 14 to 7.0×10 14 m -2: 5 × Cr − Mo − 2 × V + Ti ≤ 3.00 where, a content (mass%) of a corresponding element is substituted for each symbol of an element in Formula, and if a corresponding element is not contained, "0" is substituted for the symbol of the relevant element, in which the number density of precipitates having an equivalent circular diameter of 400 nm or more and the dislocation density are determined according to the method disclosed in the description, and in which the yield strength is determined according to ASTM E8/E8M. a chemical composition consisting of, in mass%, C: 0.20 to 0.35%, Si: 0.05 to 1.00%, Mn: 0.01 to 1.00%, P: 0.025% or less, S: 0.0100% or less, Al: 0.005 to 0.100%, Cr: 0.25 to 0.80%, Mo: 0.20 to 2.00%, Ti: 0.002 to 0.050%, B: 0.0001 to 0.0050%, N: 0.0020 to 0.0100%, 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%, Co: 0 to 0.50%, W: 0 to 0.50%, Ni: 0 to 0.50%, Cu: 0 to 0.50%, and rare earth metal: 0 to 0.0100%, with the balance being Fe and impurities, and satisfying Formula, wherein in the steel material, a number density of precipitates having an equivalent circular diameter of 400 nm or more is 0.150 particles/μm 2 or less, a yield strength is within a range of 655 to 965 MPa, and a dislocation density ρ is 7.0×10 14 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 1.4×10 14 m -2 or less, in a case where the yield strength is within a range of 758 to less than 862 MPa, the dislocation density ρ is within a range of more than 1.4×10 14 to less than 3.0×10 14 m -2, in a case where the yield strength is within a range of 862 to 965 MPa, the dislocation density ρ is within a range of 3.0×10 14 to 7.0×10 14 m -2: 5 × Cr − Mo − 2 × V + Ti ≤ 3.00 where, a content (mass%) of a corresponding element is substituted for each symbol of an element in Formula, and if a corresponding element is not contained, "0" is substituted for the symbol of the relevant element, in which the number density of precipitates having an equivalent circular diameter of 400 nm or more and the dislocation density are determined according to the method disclosed in the description, and in which the yield strength is determined according to ASTM E8/E8M.