Disclosed is a thermally conductive material having excellent heat conductivity and insulating properties and having flame retardancy while retaining flexibility and toughness. More specifically, there is provided a thermally conductive material comprising: a hydrogenated copolymer (1) and/or a modified hydrogenated copolymer (2) in which each has a specific structure and is contained in a specific amount; and zinc oxide (3) comprising a core part and acicular crystal parts extending from the core part in four axial directions. The thermally conductive material optionally further comprises a paraffin oil (4), a flame retardant (5), or a filler (6) having a thermal conductivity of 10 to 400 W/m·K (the zinc oxide (3) is excluded).