A ZrO2—CaO—C based refractory material, wherein a mass ratio of the CaO component to the ZrO2 component in the refractory material is 0.5 to 2.2, wherein the refractory material contains the CaO component and the ZrO2 component in a total amount of 65% by mass to 98% by mass, and a free carbon component in an amount of 2% by mass to 30% by mass, where an amount of the refractory material excluding any unavoidable production-related components is 100% by mass, and a CaO—ZrO2 composition is used as a raw material for the refractory material, the CaO—ZrO2 composition containing a raw material CaO component in an amount of 40% by mass to 60% by mass, wherein a mass ratio of the raw material CaO component to a raw material ZrO2 component is 0.67 to 1.5, and wherein the CaO—ZrO2 composition includes a eutectic microstructure of CaO crystals and CaZrO3 crystals, wherein a width of each of the CaO crystals observable in a cross-sectional microstructure is 50 μm or less.