A molding material includes 5 to 50 parts by mass of reinforcing fibers (A) with a sizing agent (s) deposited thereon, 1 to 20 parts by mass of a component (B) containing a polycarbodiimide compound (B-1) that is liquid at 50° C., and 30 to 94 parts by mass of a thermoplastic resin (C) containing an element other than carbon in the repeating unit structure of the main chain, based on 100 parts by mass of the total of the components (A) to (C), wherein the molding material is a composite in which a composite fiber bundle (D) with the component (A) impregnated with the component (B) is covered with the component (C).