PURPOSE: To obtain a composite material in which the binding state of the 2nd phase and a base material is satisfactory by disposing the plural 2nd phase blank materials in a mold space and slag in the other space and performing electroslag remelting by using the electrode consisting of the base material component.

CONSTITUTION: Plural composite blank material is 1 which are the 2nd phase component are fixed to a molding board 4 at the bottom end of a casting mold 5. The electrode 2 consisting of the base material component of the composite material is held to an electrode holder 3. Molten slag 7 on the material 1 are heated by the current passing through the electrode 2 and the board 4 from a power source 6 to melt the electrode 2. The formed electrode liquid droplets pass through the slag 7 and settle therein, thus forming a liquid metal pool 8. Said pool solidifies gradually to a solidified layer 9. The materials 1 are heated by the slag 7 and contact with the pool 8 from the base material component in succession, thus forming the solidified layer 9 around the pool. The composite material having the satisfactory joint boundary is thus obtd. without intrusion of impurities.