A centrifugally cast composite roll for hot rolling comprising an outer layer made of an Fe-based alloy having a chemical composition comprising by mass 2.6-3.6% of C, 0.1-3% of Si, 0.3-2% of Mn, 2.3-5.5% of Ni, 0.5-3.2% of Cr, 0.3-1.6% of Mo, 1.8-3.4% of V, and 0.7-2.4% of Nb, 1.4≤V/Nb≤2.7, a V equivalent (Veq=V+0.55Nb) being 2.60-4% by mass, and the balance being Fe and impurities, and an inner layer made of an iron-based alloy and integrally fused to the outer layer.