PURPOSE: To provide the composite material applicable to members for which high strength, high wear resistance and high heat resistance are required by blowing oxygen to molten metal or solid-liquid coexisting material while stirring this molten metal or material, and then forming the oxide particles of a base phase metal.

CONSTITUTION: Oxygen is blown from a hole bored in a revolving shaft of a stirrer to oxidize base phase metal elements, while the molten metal or the molten metal contg. a solid phase is kept stirred by using this stirrer. The high rotation, wide area and high shearing strength of the stirrer disperse the oxides uniformly into the molten metal. As a result, the oxide particles of the base phase metal or the multi component oxide particles mainly consisting of the oxides of the base phase metal are formed.