A cold work tool material has an annealed structure including carbides, and a composition including, in mass %, C: 0.80% to 2.40%, Cr: 5.0% to 15.0%, Mo and W contained alone or in combination in an amount of (Mo+½W): 0.50% to 3.00%, and V: 0.10 to 1.50%, and adjusted such that the material has a martensitic structure by quenching. The material includes a cross sectional region of an annealed structure and a length of 90 μm and a width of 90 μm and including no carbides having a circle equivalent diameter exceeding 5.0 μm. In the cross sectional region, a proportion of a number of carbides B having a circle equivalent diameter of more than 0.1 μm and not more than 0.4 μm to a number of carbides A having a circle equivalent diameter of exceeds 0.1 μm and not more than 2.0 μm is greater than 80.0%.