Disclosed is a composite material comprising such a carbon fiber structure that can be blended into a composite material with a relatively high content to improve the physical properties (e.g., electrical properties, mechanical properties, thermal properties) of the composite material. The composite material comprises: (a) a carbon fiber structure which has a three-dimensional network structure formed with carbon fibers having an outer diameter of 15 to 100 nm and has a particulate part that binds up the carbon fibers in such a state where the carbon fibers are extended from the particulate part, wherein the particulate part is formed in the growing process of the carbon fibers; and (b) a material which is different from the carbon fiber structure. In the composite material, the carbon fiber structure is contained in an amount ranging from 30 to 100% by mass exclusive based on the total amount of the composite material.