A martensitic stainless steel having a C content of 0.01 to 0.1 mass %, a Cr content of 9 to 15 mass % and a N content of not more than 0.1 mass %, wherein the maximum length of the carbides in the steel is 10 to 200 nm in the direction of the minor axis, or wherein the ratio of the average Cr concentration [Cr] to the average Fe concentration [Fe] in carbides in the steel ([Cr]/[Fe]) is not more than 0.4, or wherein the content of M23C6 type carbides is not more than 1 volume %, the content of M3C type carbides is 0.01 to 1.5 volume % and the content of MN type or M2N type nitrides is not more than 0.3 volume % is provided. This stainless steel has a high toughness in spite of both a relatively more C content and a high strength, thereby providing a, wide applicability to pipe material for oil wells containing carbon dioxide and a small amount of hydrogen sulfide, in particular for oil wells having a much greater depth.