To provide a lead-free joining material which can obtain a structure where SnCu alloy grains and SnMn alloy grains are dispersed into an Sn phase in an extremely fine state (nanoorder: ≤1 μm) by properly controlling rapid cooling from a molten metal state to solidification, and to provide a method for producing the same.

The lead-free joining material is composed of an alloy made of Sn and the other metal M, and lies in a state where a phase made of an intermetallic compound composed of Sn and M is dispersed into an Sn matrix as fine grains of ≤1 μm. Further, the above intermetallic compound is an intermetallic compound in which the content of Sn is highest in the intermetallic compounds composed of Sn and Mn. The method for producing the same is also provided.