An intermetallic-compound coated stainless steel having excellent rigidity, toughness, wear resistance and corrosion resistance comprises a substrate of a martensite stainless steel having a Vickers hardness of 400 or more, and a hard film having a bottom surface adhered to the substrate and an exposed top surface. The hard film has an outermost layer made of a compound selected from the group consisting of a Ti—Ni intermetallic compound, Ti—Fe intermetallic compound, and a mixture of the Ti—Ni intermetallic compound and a Ti—Cu intermetallic compound. The coated stainless steel can be produced by cladding an outer sheet made of Ti or a Ti alloy to a martensite stainless steel sheet directly or through an intermediate sheet made of Ni, Fe or a Ni—Cu alloy, heating the laminate at a temperature of 900° C. to 1150° C. for 30 seconds to 5 minutes, and then cooling the heated laminate at a cooling rate of 1° C./sec or more.