An object is to provide a process for producing a carbon nanotube (CNT) reinforced composite material, wherein CNT is homogeneously dispersed in a resin to obtain the composite material having an excellent mechanical strength. Hydrophilic CNTs 12 are dispersed in a first solvent 11 to prepare a first dispersion liquid 13. The dispersion liquid 13 and a synthetic resin raw material 15 are added to a second solvent 14 and the resulting mixture is stirred to prepare a third dispersion liquid 17 where a second dispersion liquid 16 in which the synthetic resin raw material 15 is dissolved in the dispersion liquid 13 is dispersed in the solvent 14. The solvents 11 and 14 are removed from the dispersion liquid 17 to obtain a mixture of the hydrophilic CNTs 12 and the synthetic resin raw material 15. The mixture is molded to obtain the composite material in which the synthetic resin is reinforced with the hydrophilic CNTs 12. The second solvent 14 has smaller solubility of the synthetic resin raw material 15 than that of the solvent 11, is substantially not compatible to the solvent 11, and has volume larger than that of the solvent 11. The dispersion liquid 17 is sprayed on a substrate and the solvents 11 and 14 are removed to obtain the mixture and simultaneously to conduct molding of the mixture.