To provide an electrode material for a thermal fuse, which is inexpensive, does not contain a hazardous material and is superior in welding resistance, contact resistance and workability in being rolled to a thin sheet.

The electrode material is formed of a low oxide-density layer 5 existing in the central part and an inside-oxidized alloy 1 existing on both surface layers, in which oxides 2 are concentrated and made dense. The manufacturing method includes: preparing an electrode material which contains 80-99 wt.% Ag, 20-1 wt.% Cu and further 0.1-5 wt.% of at least one of Sn and In; and subjecting the electrode material to an internal oxidation treatment at an oxidation temperature of 760°C or higher for 24 hours or longer.