To obtain a material excellent in heat resistance and wear resistance by providing a two-layer structure where a HIP treated layer of an alloy, consisting of a high speed steel of a specific composition and one or more kinds among the carbides, nitrides, oxides, and borides of metals, is formed on a base material composed of carbon steel.

Powders of one or more kinds among the carbides, nitrides, oxides, and borides of metals, in the amount of 5-45 vol.% in total, and alloyed, by mechanical alloying, with a powder of a high speed steel having a composition consisting of, by weight, 0.9-2.5% C, 0.5-1.5% S, 0.3-2.0% Mn, 0.5-12.0% Cr, 3.0-10.0% Mo, 0.8-8.0% V, 1.0-10.0% W, and the balance Fe. Then, HIP treatment of the resultant alloy is applied to the surface of a base material composed of carbon steel at 1000-1200°C for 2-5 hr under ≥100 MPa pressure, by which a two-layer structure is formed. By this procedure, the structure, where the carbides, nitride, etc., of metals, hard and chemically stable, are finely dispersed in high speed steel, is formed, and hardness can be obtained without causing deterioration in toughness.