The present invention is directed to preventing a refractory material comprising a CaO component from hydration (slaking) of CaO, in a production stage, during storage and in a casting stage, over long periods. Specifically, the present invention provides a refractory product comprising CaO component-containing refractory particles and MgO component-containing refractory particles. The refractory material contains, in terms of a chemical composition measured after it has undergone heating in a non-oxidizing atmosphere at 1000°C, one or more metal oxides selected from the group consisting of B 2 O 3 , TiO 2 , V 2 O 5 , P 2 O 5 and SiO 2 in a total amount of 0.1 to 5.0 mass%, and free carbon in an amount of 2 to 35 mass%, with the remainder including CaO and MgO whose mass ratio (CaO/MgO) is in the range of 0.1 to 1.5, wherein, in microscopic observation performed at room temperature on a sample of the refractory material which has undergone heating in a non-oxidizing atmosphere at 1000°C, an inorganic film comprised of CaO and the one or more metal oxides is formed in at least each CaO surface of the refractory particles each containing either one or both of a CaO component and an MgO component, with a thickness of 0.1 to 25 µm.