An iron-based sintered alloy, which has a composition including, in terms of percent by mass, Ti: 18.4 to 24.6%, Mo: 2.8 to 6.6%, C: 4.7 to 7.0%, Cr: 7.5 to 10.0%, Ni: 4.5 to 6.5%, Co: 1.5 to 4.5%, Al: 0.6 to 1.0%, the balance being Fe and unavoidable impurities, wherein the alloy has a structure in which hard particles are dispersed in an island form in a matrix, among other characteristics.