Provided is a ZrO2—CaO—C based refractory material which is capable of maintaining high adhesion resistance over a long period of time, while exhibiting significant slaking resistance, and suppressing self-fluxing, i.e., exhibiting corrosion-erosion resistance. The refractory material comprises a CaO—ZrO2 composition containing a CaO component in an amount of 40% by mass to 60% by mass, wherein a mass ratio of the CaO component to a ZrO2 component is 0.67 to 1.5, and wherein the CaO—ZrO2 composition includes a eutectic microstructure of CaO crystals and CaZrO3 crystals, wherein a width of each of the CaO crystals observable in a cross-sectional microstructure is 50 μm or less.