A centrifugally cast composite roll comprising an outer layer having a composition comprising by mass 2.5-9% of C, 0.1-3.5% of Si, 0.1-3.5% of Mn, and 11-40% of V, the balance being Fe and inevitable impurities; an intermediate layer made of a high-speed steel alloy, which is formed inside the outer layer; and an inner layer made of cast iron or steel, which is formed inside the intermediate layer.