An electrically conductive composite material is formed by dispersing in a matrix metal another metal which is insoluble or slightly soluble with the matrix metal. The other metal is finely divided to an extent of not excessively lowering the conductivity and is mixed in the matrix metal in a particle amount such that respective particles keep a mutual distance effective to strengthen the composite material. The material is thereby sufficiently improved in the mechanical strength and wear resistance and remarkably reduced in high temperature deformation. Such conductive composite material can be obtained through a melt atomization.