The present invention relates to an electrode material for a thermal fuse comprising a multilayer structure that is formed by bonding two or more metal materials having differing properties and a production method for the electrode material. As a result of performing an internal oxidation treatment on an alloy comprising 1-50 mass% of Cu and a remainder of Ag and unavoidable impurities or on an alloy comprising 1-50 mass% of Cu, 0.01-5 mass% of at least one of the elements selected from the group consisting of Sn, In, Ti, Fe, Ni, and Co, and a remainder of Ag and unavoidable impurities, producing an Ag-oxidized alloy plate having an internally oxidized layer on both the front and rear surfaces thereof, and arranging the Ag-oxidized alloy plate and, as necessary, a bonding plate on the substrate, the electrode material for a thermal fuse is configured so as to comprise a multilayer structure having a substrate layer that is formed in the central section of the material of said multilayer structure and a Ag-oxi
