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Patent Granted Disclosed is a novel highly functional composite material which is excellent in mechanical performance, electrical conductivity and electromagnetic wave absorption. Also disclosed is a method for producing such a highly functional composite material. Specifically disclosed is a highly functional composite material comprising a ceramic polycrystalline body composed of a plurality of first alumina-magnesia ceramic crystals, and a nanocomposite body (1) having a structure wherein a plurality of carbon nanotubes (2) and a plurality of crystals of a second alumina-magnesia ceramic (3) are intertwined with each other.