A Co-base alloy which has a basic composition including, in terms of mass proportion, 0.1%-10% Al, 3.0-45% W, and Co as the remainder and has an intermetallic compound of the Ll2 type [Co3(Al,W)] dispersed and precipitated therein. Part of the Co may be replaced with Ni, Ir, Fe, Cr, Re, or Ru, while part of the Al and W may be replaced with Ni, Ti, Nb, Zr, V, Ta or Hf. The intermetallic compound [Co3(Al, W)] has a high melting point, and this compound and the matrix are mismatched little with respect to lattice constant. Thus, the cobalt-base alloy can have high-temperature strength equal to that of nickel-base alloys and excellent structure stability.