This invention provides a punch comprising: a center punch and an outer punch surrounding the outer periphery of the center punch, both of which being slidable and capable of compressing; and relative position restriction means for restricting a relative position of the center and outer punches, the relative position restriction means being configured to restrict a first position in which a punch tip of the center punch is protruded from a punch tip of the outer punch and a second position in which the punch tip of the center punch is substantially coincident with the punch tip of the outer punch, and being configured to fail to restrict a third position in which the punch tip of the center punch is retracted in the punch tip of the outer punch, as well as a rotary compression molding machine provided with the double-structured punch.