To combine high toughness with high hardness in a diamond(CBN) dispersed composite member.

This composite member has a hard phase composed essentially of at least one compound selected from WC, TiC, TiN, and TiCN and diamond(CBN) grains and a binding phase composed essentially of iron group metal and also has a cross section containing binding-phase structures having a shape where aspect ratio is 5-20. Further, the composite material has density of ≥95% theoretical density ratio. Because these binding-phase structures are flat, cracks necessarily cross the binding phases at the time of crack propagation and the crack propagation energy is dissipated by the plastic deformation of the binding phases at this time, by which high toughness can be attained.