This invention relates to a hard alloy comprising a hard phase consisting of at least one compound having a crystal structure of simple hexagonal MC type (M: metal; C: carbon) selected from the group consisting of mixed carbides, carbonitrides and carboxynitrides of molybdenum and tungsten as a predominant component, and a binder phase consisting of at least one element selected from the group consisting of iron, cobalt, nickel and chromium, in which a hard phase consisting of a compound of M.sub.2 C type having a crystal structure of hexagonal type is evenly dispersed.