A heat radiating material contains components which comprise 10-45 wt % of titanium dioxide, 5-25 wt % of zirconium dioxide, 2-30 wt % of magnesium oxide, and 0.01-0.5 wt % of an oxide of rare earth metal. The heat radiating material has a heat conductivity of 0.34-1.35 W/m-K, and a radiation efficiency equal to or larger than 88% which is measured in infrared spectroscopy wavelength range 4-14 μm and at a temperature of 40° C.