To produce a reinforced composite material with high strength and excellent wear resistance including intermetallic compound dispersed in an aluminum alloy at a low cost while retaining freedom of shape.

A method produces an intermetallic compound reinforced composite material including an aluminum alloy matrix with Al₃Ni uniformly dispersed therein. A metallic porous body made of Ni with 1,250 m²/m³ or more specific surface area is set in a die arranged in an electric furnace (S1), and the metallic porous body is impregnated with molten aluminum alloy (S2). The molten aluminum alloy is retained in the die at a predetermined temperature for a predetermined time so that Ni melts and reacts with the molten aluminum alloy to generate particulate Al₃Ni (S3). After retained for the predetermined time, it is furnace-cooled at least from a solid-liquid coexisting state to a solid state (S4).