Provided is a clutch plate for a multi-plate wet clutch which exhibits superior fatigue strength. A separator plate (1) that serves as a clutch plate in a multi-plate wet clutch is formed from a steel plate. The steel plate includes, in terms of mass%, 0.03-0.08% C, 0-1.0% Si, 0.2-0.8% Mn, at most 0.03% P, at most 0.01% S, and at most 0.05% Al in proportions that satisfy the equation 5C%-Si%+Mn%-1.5A l%<1. The steel plate also includes one or more of the elements Nb, V and Ti, such that the content of Nb is 0.03-0.4%, the content of V is 0.01-0.3%, and the content of Ti is 0.01-0.3% in proportions that satisfy the equation 0.04<(Nb% 1.4)+(V% 1.1)+Ti%<0.3. The average particle size of carbide precipitates is 20-100 nm.