There is provided a clad material and a method of manufacturing the same, the clad material can prevent cracking and prevent separation of layers thereof even when it is punched by press working (even when a high shear force is applied thereto by thermal shock. After each of the Mo-Cu layers 10 having on at least one side a metal film 10a made of a metal selected from the group consisting of Co, Ti, Pd, Pt and Ni, on a corresponding one of both sides Cu graphite layer 12 is arranged, which is obtained by sintering a graphite powder with a Cu film on its surface so that the metal film 10a can come into contact with the Cu graphite layer 12, the layers are heated while a pressure is applied between the Cu Graphite layer 12 and the Mo-Cu layers 10 is applied.
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