Inorganic anticorrosive coating material which forms excellent coating film having several good properties of hardness, water resistance, anticorrosiveness, drying property and so forth. The coating material is prepared by the steps of: mixing an aqueous solution of water soluble silicate and one member or a mixture of vanadium and vanadium compounds; causing thus obtained mixture to react at the room temperature or by heating to form an aqueous solution of modified water soluble silicate; and dispersing anticorrosive metallic powder into said aqueous solution of modified water soluble silicate.