A mold for tire vulcanization comprises a plurality of segments (2) forming respectively a part of a circular interior complementary to land portions and groove portions of the tread portion of a tire product and being separable from each other in the tire circumferential direction, and each of the segments (2) comprising a plurality of pieces (4) forming the said circular interior part and a block (3) supporting the pieces (4), characterized in that each of the pieces (4) comprises a combination of a matrix metal and a core (6) made of a different kind of material which is preferably fitted to a through hole of the matrix metal and has a lower coefficient of thermal expansion than that of the matrix metal. In a method of manufacturing the mold, upon casting the matrix metal, the matrix metal is cast around the core with a higher fusion point than that of the matrix metal. The invention provides a mold for tire vulcanization by which a tire having excellent appearance can be obtained and production of defective tires upon vulcanization can be decreased, and a manufacturing method thereof, without increase of cost.