The present invention provides a conductive material having superior bending property and superior bending resistant property and a method for manufacturing the same. This object is achieved by a conductive material comprising a substrate and a conductive portion formed within the substrate, wherein a change ratio in the electric resistance values before and after a bending resistant property test, in which the conductive portion is bent by 180 degrees and a load of 1 kg/cm.sup.2 is imposed on the bent portion for one hour, is set within a range of .+-.10%.