The present invention provides: a composite metal material which is able to be controlled in terms of strength, thermal conductivity and thermal expansion amount; and a method for producing this composite metal material. A composite metal material according to the present invention has a Cu-rich phase and an Fe-rich phase; and this composite metal material has a composite metal phase wherein Fe-rich phases are independently dispersed in a Cu-rich phase. The Cu-rich phase has a Cu content of more than 85 wt %; and each Fe-rich phase has an Fe content of more than 50 wt %.