Provided is a sealing material that exhibits excellent sealing property at a low contact pressure and a method for producing the same. A sealing material according to the present invention is a sealing material including a metal plate and a foamed rubber layer formed on one surface, or each of both surfaces, of the metal plate, in which the foamed rubber layer has a closed cell rate of 50% or more, and a surface of the foamed rubber layer has a maximum height determined by a method in conformity to JIS B 0601-2001 of 40 μm or less.