An object of the invention is to provide: a two-phase alloy as a metal material that can be preferably utilized under circumstances of a temperature range and a high corrosion as in an oil well, the two-phase alloy having a high corrosion resistance and good mechanical properties that are equivalent or more than those of conventional ones, and saving a cost; a product of the two-phase alloy; and a method for producing the product. There is provided a two-phase alloy containing Cr as a major component and including two phases of an austenite phase and a ferrite phase in a mixed state. The alloy has a chemical composition containing: 34-70 mass % of Cr; 17-45 mass % of Ni; 10-35 mass % of Fe; 0.1-2 mass % of Mn; 0.1-1 mass % of Si; and impurities. The total content of the Ni and the Fe is 30-65 mass %.