The invention relates to a method for producing a bimetal composite pipe material or bar material by adopting a cold core continuous casting and rolling process. The method mainly comprises the following steps of: using an inlet pinch and guide device to feed a cold core base material into a groove of a casting and rolling roller, continuously pouring a molten-state covering material in a ladle into an annular crystallizer constituted by the base material and the groove of the casting and rolling roller, driving the casting and rolling roller, continuously and uniformly coating the molten-state covering material on the surface of the cold core base material, and arranging a secondary cooling device and an outlet pinch and guide device on the outlet side so as to realize cold core continuous casting and rolling composite molding of a bimetal composite pipe or rod. The method has the advantages that the bimetal composite pipe or rod produced by the technological method has the advantages of low requirements on size and shape precision of a stock, no need of pre-assembly, high finished product rate, high metal utilization rate, no limitations on length and thickness of a covering layer of a product, a wide range of specifications of the product and the like, and the method is of a high-efficient production technological method. The product can be directly used as a finished product or be used as the stock for pipe rolling, cold drawing and other process steps.