A composite anode active material includes a metal that may be alloyed with lithium, an intermetallic compound incapable of alloying with lithium, and a carbonaceous material, wherein the intermetallic compound exists in a phase structurally separated from the metal capable of alloying with lithium. Since the composite active material contains an intermetallic compound that does not form any alloy phase with lithium nor the metal capable of alloying with lithium but rather exists in a structurally separated phase, the composite active material exhibits excellent coulombic efficiency. Further, anode electrodes and lithium batteries including the composite anode active material exhibit improved charge and discharge characteristics.