A process is provided for the continuous production of a high-strength and high-modulus polyethylene material having excellent properties. According to the process, powder composed of ultra-high-molecular-weight polyethylene powder as a principal component is subjected to compression molding, rolling and stretching. The polyethylene powder has an intrinsic viscosity of 5-50 dl/g as measured at 135.degree. C. in decalin. The compression molding is carried out by feeding the polyethylene powder between endless belts arranged in an opposing up-and-down relation, and conveying the polyethylene powder while holding the same between the endless belts and at the same time, continuously compression molding the polyethylene powder at a temperature lower than its melting point by a compressing means provided inside of the endless belts. In at least one of the compression molding step and rolling step, an olefin polymer having a molecular weight lower than the polyolefin polymer is concurrently processed.