The invention relates to a novel corrosion resistant, wear resistant and high temperature resistant alloy material and a production process thereof. The alloy comprises the following components in mass percent: 1.6-2.0% of C, 0.8-1.2% of Si, 8.0-11.0% of Mn, 24-27% of Cr, 2.0-3.0% of Mo, 5.0-7.5% of Ni, less than or equal to 1.0% of Nb, less than or equal to 1.0% of Ti, less than or equal to 0.20% of B, less than or equal to 0.10% of Re, less than or equal to 0.030% of S and less than or equal to 0.030% of P. The invention comprises the following production steps: firstly, proportioning according to the requirements of finished products for chemical components of raw materials; then, smelting in a medium-frequency induction furnace of a silicon controlled rectifier; and finally, carrying out casting and heat treatment. By using the micro-alloying technology, the invention greatly improves the mechanical property of the material, ensures the higher corrosion resistance, improves the hardness, the wear resistance, the high temperature strength and the high temperature resistance, and can be widely applied to the fields of petroleum, chemical industry, metallurgy, electric power, coal, defense industry and the like. Compared with a common stainless steel acid resistant pump, the service life of a pump product produced by the invention is prolonged by more than one time, and the cost of the pump product is lowered by 1/3, thereby really realizing the purposes of excellent quality and reasonable price.