A composite material protected against oxidation, the material comprising fiber reinforcement densified by a matrix which includes at least one self-healing phase, comprising a component that is a precursor for a glass and that is suitable for forming a glass by oxidation at a temperature that does not exceed 850.degree. C., said glass precursor component including carbon and at least one member of the group consisting of boron and silicon, the material being characterized in that said self-healing phase comprises, at least within the material as formed initially, a mixture of said glass precursor component and of excess free carbon, in which the mass percentage of the free carbon lies in the range of at least 15% to 35% of the mixture.