The present invention relates to a new silver-based electrical contact material, in which silver is in a continuous phase and carbon being in a nano-dispersed phase is dispersed in continuous phase silver. The content of the dispersed phase carbon in the silver-based electrical contact material can be 0.02% to 5% by weight, on the basis of the total weight of the silver-based electrical contact material. According to the present invention, the carbon contains carbon in a diamond form. Such a silver-based electrical contact material shows excellent mechanical wear resistance and electrical performance.