A composite roll for hot rolling wherein the outer layer portion of a composite roll comprises a steel comprised of, in terms of % by weight, 1.5 to 2.4% of C, 3 to 6% of V and 10 to 20% of at least one element selected from the group consisting of Cr, Mo and W and optionally at least one element of 0.05 to 0.20% of Al and 0.02 to 0.10% of Ti as an inoculation material, with the balance comprising Fe and unavoidable impurities, the outer layer portion comprising a metallic structure which has a crystal grain diameter of 30 to 150 .mu.m and is surrounded by a eutectic carbide crystallized in the grain boundary or a metallic structure wherein a primary crystallized carbide is further dispersed and crystallized in a matrix structure of the crystal. It is excellent particularly in the surface roughening resistance.