A lead-free free-cutting copper-antimony alloy comprises in percentage by weight: 55 to 65% Cu, 0.3 to 2.0% Sb, 0.2 to 1.0% Mn, at least two elements selected from the group of Ti, Ni, B, Fe, Se, Mg, Si, Sn, P and rare-earth metal in amount of 0.1-1.0%, as well as balance Zn and unavoidable impurities. The brass alloys according to the present invention possess superior cutting property, weldability, corrosion resistance, dezincification resistance and high-temperature-oxidation resistance, and are suitable for use in drinking-water installations, domestic appliances, toy for children, fastener, etc. The process for producing such alloys is also proposed.