A centrifugally cast composite roll comprising an outer layer formed by a centrifugal casting method, and an inner layer made of ductile cast iron and integrally fused to the outer layer, the outer layer being made of an Fe-based alloy comprising by mass 1.3-3.7% of C, 0.3-3% of Si, 0.1-3% of Mn, 1-7% of Cr, 1-8% of Mo, at least one of 2.5-7% of V, 0.1-3% of Nb and 0.1-5% of W (V is indispensable), and 0.01-0.2% of B and/or 0.05-0.3% of S, the balance being substantially Fe and inevitable impurities, the outer layer having a structure containing no graphite; the inner layer comprising a core portion fused to the outer layer, and a drive-side shaft portion and a free-side shaft portion integrally extending from both ends of the core portion; the total amount of Cr, Mo, V, Nb and W being 0.35-2% by mass in an end portion of the drive-side shaft portion and 0.15-1.8% by mass in an end portion of the free-side shaft portion, the former being larger than the latter by 0.2% or more by mass.