A centrifugally cast hot-rolling composite roll comprising (a) an outer layer made of cast iron having a chemical composition comprising by mass 2.5-3.5% of C, 1.3-2.4% of Si, 0.2-1.5% of Mn, 3.5-5.0% of Ni, 0.8-1.5% of Cr, 2.5-5.0% of Mo, 1.8-4.0% of V, and 0.2-1.5% of Nb, the balance being Fe and inevitable impurities, a mass ratio of Nb/V being 0.1-0.7, and a mass ratio of Mo/V being 0.7-2.5, and meeting the condition of 2.5≦V+1.2Nb≦5.5, and having a structure comprising 0.3-10% by area of a graphite phase; (b) a shaft portion made of ductile cast iron in which the area ratio of ferrite is 35% or less; and (c) an intermediate cast iron layer.