A bearing material is produced by forming a Cu-Pb-system or Pb-bronze-system bearing alloy layer on a steel plate optionally plated with Cu, and forming a Pb alloy overlay containing Zn on the bearing alloy layer so as to enhance corrosion resistance and conformability of the bearing alloy layer. A Cu-Zn alloy layer of 0.5 to 10 .mu.m is present between the Cu matrix of the bearing alloy layer and the overlay. The Cu-Zn alloy layer prevents Sn and In in the overlay from diffusing into the Cu matrix of the bearing alloy layer. The multi-layered slide bearing material can be manufactured by forming the bearing alloy lining layer on the steel plate optionally plated with Cu so as to obtain a bimetal plate, rolling the bimetal plate and a lead alloy plate for the overlay containing Zn to bond the plates in accumulative reduction of 8 to 48%, and thereafter subjecting the plates to heat treatment at 170.degree. to 250.degree. C.