Provided are a diamond composite material which is excellent in thermal conductivity, suitable as a material for a heat radiating member, and dense, the heat radiating member, and a method for producing a diamond composite material that can productively produce a diamond composite material which is excellent in wettability between diamond and metal and dense. The diamond composite material includes: a coated diamond particle including a diamond particle and a carbide layer covering a surface of the diamond particle and including an element of group 4 of the periodic table; and silver or a silver alloy binding such coated diamond particles together, with an oxygen content of 0.1 mass % or less.