To inexpensively produce the material for a fuel assembly of a water cooling type nuclear reactor executing operation of a high burn-up without causing the variation of product characteristics.

This corrosion resistant zirconium base alloy is composed of, by weight, 0.90 to 1.20% Sn, 0.24 to 0.30% Fe, 0.13 to 0.19% Cr, 0.08 to 0.15% Nb, 50 to 140 ppm Ni, 1000 to 1500 ppm 0, ≤120 ppm Si, 100 to 200 ppm C, and the balance Zr with inevitable impurities. In the case a tube is produced by using this alloy, the sum (ΣAi) of heat input parameters Ai at the time of annealing expressed by the formula of Ai=ti.exp {-Q/(R.Ti)} is controlled to <2×10-18, where, in the formula, ti denotes the heating time [hr] in the annealing stage on the (i)th; Ti denotes the heating temp. [K] in the annealing stage on the (i)th; Q denotes activation energy [80 kal/mol]; and R denotes a gas constant [1.987 cal/mol.K].