A composite material containing a base material and an inorganic fiber, wherein the base material contains (a) a dehydration condensation reaction product of sodium silicate and (b) alumina cement. A method for producing a composite material containing a base material and an inorganic fiber, the method including: impregnating the inorganic fiber with a solution containing (A) sodium silicate and (B) alumina cement; and causing a dehydration condensation reaction of the component (A) to occur by heating.