To provide a material for rolling roll excellent in cracking resistance by properly regulating the additive quantity of liquid phase developing alloy powder and sintering conditions, respectively, in a sintered P/M high speed steel.

A powder mixture is prepared by adding 0.5-5wt.% of Ni-B based powder to a high speed steel type atomized powder. This powder mixture is compacted and then subjected to vacuum sintering at ≥10°C/min temp. rise rate at 1100-1200°C, followed by HIP treatment. By this method, the liquid phase can be dispersed in the form of intermetallic compound into the structure without excessively developing the liquid phase, and the liquid phase solidified structure (intermetallic compound) dispersed in the structure performs a function of arresting the propagation of cracks. Accordingly, the cracking resistance, hitherto considered to be a problem, can be improved to a level equal to that of a cast high speed steel, and as a result, the application of the P/M high speed steel roll to the roll mill stand, so far considered to be difficult, is made possible.