Abstract: A titanium alloy composite material including dispersed carbon fibers coated with a layer containing an element which forms a carbide in reaction with carbon, and the carbide formed thereby, in crystal grains of the titanium alloy. The element which forms a carbide in reaction with carbon is preferably at least one of silicon (Si), chromium (Cr), titanium (Ti), vanadium (V), tantalum (Ta), molybdenum (Mo), zirconium (Zr), boron (B), and calcium (Ca). The carbon fibers are preferably carbon nanotubes, vapor-grown carbon fibers, or a mixture thereof. The titanium alloy composite material has excellent mechanical strength, such as tensile strength, Young's modulus, toughness, and hardness.