Provided is a thermoelectric material which exhibits excellent thermoelectric characteristics at room temperature; a method for producing this thermoelectric material; and a thermoelectric power generation element using this thermoelectric material. In an embodiment of the present invention, a thermoelectric material contains an inorganic compound that contains magnesium (Mg), antimony (Sb) and/or bismuth (Bi), copper (Cu), and if necessary M (M is composed of at least one element that is selected from the group consisting of selenium (Se) and tellurium (Te)); and inorganic compound is represented by MgaSb2-b-cBibMcCud, wherein a, b, c and d satisfy 3≤a≤3.5, 0≤b≤2, 0≤c≤0.06, 0≤d≤0.1, and (b+1)≤2.