The purpose of the present invention is to provide an abrasive material which can have high crush strength even when the abrasive material has a Fe concentration as high as 6.0 to 35.0 mass% in terms of FeO content, and which shows small variations in the crush strength. The abrasive material contains Fe, Si, Ca, Al, Mg and Mn and has an amorphous continuous phase, wherein the total amount of Fe, Si and Ca is 50.0 mass% or more in terms of the total content of FeO, SiO2 and CaO, Fe is contained in an amount of 6.0 to 35.0 mass% inclusive in terms of FeO content, Si is contained in an amount of 15.0 to 35.0 mass% inclusive in terms of SiO2, and Ca is contained in an amount of 10.0 to 35.0 mass% inclusive in terms of CaO content, wherein all of the amounts are those relative to the entire amount of the abrasive material. The method comprises: a step of subjecting a molten slag to air granulation to form slag particles; a step of spraying water onto the slag particles while allowing the slag particles to be dropped down or after the slag particles have been dropped down, thereby cooling the slag particles; and a step of dehydrating the slag particles while conveying the slag particles.