PURPOSE: To produce a valve guide member made of Fe-base sintered alloy excellent in wear resistance.

CONSTITUTION: The valve guide member for internal combustion engine is composed of an Fe-base sintered alloy having a composition consisting of, by weight, 1-4% C, 1.5-6% Cu, 0.1-0.8% P, 0.1-4% Ni, 0.05-2% Mo, and the balance Fe with inevitable impurities and further containing, if necessary, 0.2-4% Mn and 0.05-1% S and also having a structure in which hard Fe-C-P compound, carbide, and free graphite and further, if necessary, MnS are dispersed and distributed in a matrix composed essentially of pearlite. Moreover, the theoretical density ratio at the end on one side or at the ends on both sides is regulated to 87-97%, and further, the theoretical density ratio in the part on the other side or in the central part is regulated to 79-85%.