PURPOSE:To obtain a sintered hard alloy excellent in wear resistance, hardness, and machinability by constituting this alloy of a hard phase consisting of carbides, etc., of group IVa, Va, and VIa metal elements and having specific grain size and a specific amount of binding phase consisting of iron group metals. CONSTITUTION:In a hard alloy which consists of a hard phase consisting of the carbide, nitride, and carbonitride of group IVa, Va, and VIa metal elements of the periodic table of elements and having =1800kg/mm and >=80kg/mm , respectively. By this method, the hard alloy excellent in wear resistance, hardness, and machinability as tool alloy can be obtained.