It is an objective of the present invention to provide a precipitation-hardening martensitic stainless steel having well-balanced properties of high mechanical strength, high toughness and good corrosion resistance properties. There is provided a precipitation-hardening martensitic stainless steel comprising: 0.10 mass% or less of C; 13.0 to 15.0 mass% of Cr; 7.0 to 10.0 mass% of Ni; 2.0 to 3.0 mass% of Mo; 0.5 to 2.5 mass% of Ti; 0.5 to 2.5 mass% of Al; 0.5 mass% or less of Si; 0.1 to 1.0 mass% of Mn; and the balance including Fe and incidental impurities, in which the mass% content of the Ti (represented by [Ti content]), the mass% content of the Al (represented by [Al content]) and the mass% content of the C (represented by [C content]) satisfy relationships of "0.5 ≤ [Ti content] ≤ 2.5" and "0.5 ≤ [Al content] + 2[C content] ≤ 2.7".