The present invention is an electrode material constituting a movable electrode of a thermal fuse, having a five-layer clad structure including a core material layer, an intermediate layer formed on the both sides of the core material layer, and a surface layer formed on the intermediate layer, wherein the core material layer includes Cu, the intermediate layer includes an Ag-Cu-based alloy, the surface layer includes an Ag-CuO-based oxide-dispersed strengthened alloy, and the ratio of the thickness of the intermediate layer to the thickness of the surface layer (intermediate layer/surface layer) is 0.2 or more and 1.0 or less. This electrode material can be manufactured by partially internally oxidizing a three-layer clad material in which plate materials made of an Ag-Cu-based alloy are clad-jointed to both sides of the plate material made of Cu.