A sintered alloy includes, in percentage by mass, Cr: 10.37 to 39.73, Ni: 5.10 to 24.89, Si: 0.14 to 2.52, Cu: 1.0 to 10.0, P: 0.1 to 1.5, C: 0.18 to 3.20 and the balance of Fe plus unavoidable impurities; a phase A containing precipitated metallic carbide with an average particle diameter of 10 to 50 μm; and a phase B containing precipitated metallic carbide with an average particle diameter of 10 μm or less, wherein the phase A is randomly dispersed in the phase B and the average particle diameter DA of the precipitated metallic carbide in the phase A is larger than the average particle diameter DB of the precipitated metallic carbide of the phase B.