A cobalt-base alloy having a high strength and a high toughness in the form of a casting, said alloy consisting essentially of 0.2 to 1% by weight of carbon, 0.4 to 2% by weight of silicon, 0.2 to 1.5% by weight of manganese, 5 to 15% by weight of nickel, 20 to 35 % by weight of chromium, 3 to 15% by weight of tungsten, 0.003 to 0.1% by weight of boron, 0.05 to 1% by weight of niobium, 0.01 to 1% by weight of titanium, 0.02 to 0.5% by weight of zirconium, 2% by weight or lower of iron, at least one member selected from the group consisting of 0.01 to 0.5% by weight of rare earth elements and 0.01 to 0.5% by weight of yttrium, 30 ppm or lower of oxygen and 100 ppm or lower of nitrogen with the balance being 45% by weight or higher of cobalt, wherein the content of the silicon is larger than a value of a silicon content (Si) obtained from a manganese content (Mn) by the following equation:
- (Si (wt %)=0.7.times.Mn (wt %)+0.48, and said alloy has a structure containing a eutectic carbide and a secondary carbide dispersed therein.