A low cost, economical and less resource-consuming heat resistant alloy for use as material of engine valve is disclosed, while the alloy has excellent mechanical properties at high temperature and excellent toughness after heated for a long time that conventional heat resistant alloys have not had. The alloy consists essentially of, in mass percent, C of 0.01 to 0.15%, Si of 0.01 to 0.8%, Mn of 0.01 to 0.8, Cr of 14 to 17%, Mo of more than 3.0% but equal to or less than 5.0%, Al of 1.6 to 2.5%, Ti of 1.5 to 3.0%, Nb or Nb+Ta of 0.5 to 2.0%, Ni of 50 to 60%, B of 0.001 to 0.015%, at least one of Mg of 0.001 to 0.015% and Ca of 0.001 to 0.015%, and the balance being Fe, wherein value A defined by 0.293[Ni]-0.513[Cr]-1.814[Mo] is 2.0 to 5.8, value B defined by [Al]/([Al]+[Ti]+[Nb]+[Ta]) is 0.45 to 0.65, and value C defined by [Al]+[Ti]+[Nb]+[Ta] is 6.2 to 7.6, wherein brackets mean atomic % of each element in the alloy.