A method for producing an aluminum alloy composite material for a heat exchanger, which contains the steps of: homogenizing an aluminum alloy core alloy by keeping at 530° C. or more for 15 hours or more; fitting an Al—Si-series filler alloy on one side or on both sides of the core alloy; hot rolling; cold rolling; intermediate annealing, to completely recrystallize the core alloy; and giving a strain of 1 to 10%, wherein the aluminum alloy core alloy contains 0.01 to 1.0% by mass of Si, 0.1 to 2.0% by mass of Fe, 0.1 to 2.0% by mass of Cu, 0.5 to 2.0% by mass of Mn, and less than 0.2% by mass (including 0% by mass) of Ti, with the balance being Al and inevitable impurities; and an aluminum alloy composite material produced by the method.