There is provided a bonding material which forms a bonding portion between two objects, which material contains (1) first metal particles comprising a first metal and having a median particle diameter in the range of 20 nm to 1 μm, and (2) second metal particles comprising, as a second metal, at least one alloy of Sn and at least one selected from Bi, In and Zn and having a melting point of not higher than 200° C.