Abstract: A compound roll for a metal rolling mill having both excellent resistance to a thermal shock crack and excellent wear resistance includes a core shaft made of low alloy steel and an outer layer consisting of high speed tool steel having a composition, by weight percent, essentially of 0.5 to 1.5% of C, 0.5 to 3.0% of Si, 1.5% or less of Mn, 2 to 7% of Cr, 1 to 5% of Mo, 0.5 to 2.0% of V, up to 2.0% of W and balance essentially Fe. The outer layer is formed on the outer surface of the core shaft by an electro-slag method. The outer layer is subjected to a water jet spray quenching and tempering at 300.degree. C. or higher, preferably 450.degree. C. to 550.degree. C.