A process for producing a thermoelectric material comprising mixing at least two of bismuth, tellurium, selenium, and antimony and, if desired, a dopant, melting the mixture, grinding the resulting alloy ingot, forming the powder, and sintering the green body under normal pressure, or hot pressing the powder, wherein the grinding and the normal sintering or hot pressing are carried out in the presence of a solvent represented by CnH2n+1OH or CnH2n+2CO (wherein n is 1, 2 or 3).