To provide a molding material which satisfies both of a low density and an excellent appearance while retaining productivity, strength, dimensional stability and excellent physical properties at a low VOC content, which a molding compound has, so that the molding material is useful in various fields such as household equipment, automobile and electricity, and to provide a molded article of the molding material.

The molding material is obtained by impregnating an unsaturated polyester resin composition into glass fibers, wherein the unsaturated polyester resin composition comprises an unsaturated polyester resin, a shrinkage reducer, an inorganic filler, glass microballoons, a polyfunctional isocyanate compound and organic bentonite treated with an aliphatic compound. The amounts of the glass microballoons, the polyfunctional isocyanate compound and the organic bentonite are 5-50 parts by mass, 0.3-5 parts by mass and 0.5-10 parts by mass, respectively, based on 100 parts by mass, in total, of the unsaturated polyester resin and the shrinkage reducer.