A martensitic stainless steel having a resistance to sulfide stress corrosion cracking superior to Super 13 Cr steel and having a strength and corrosion resistance comparable to dual phase stainless steels has a chemical composition consisting essentially of, in mass %, C: 0.001-0.1%, Si: 0.05-1.0%, Mn: 0.05-2.0%, P: at most 0.025%, S: at most 0.010%, Cr: 11-18%, Ni: 1.5-10%, sol. Al: 0.001-0.1%, N: at most 0.1%, O: at most 0.01%, Cu: 0-5%, solid solution Mo: 3.5-7%, the composition satisfying the following Equation (1), optionally at least one element selected from at least one of the following Groups A-C, and a remainder of Fe and impurities and undissolved Mo, if undissolved Mo is present. Ni-bal.=30(C+N)+0.5(Mn+Cu)+Ni+8.2−1.1(Cr+Mo+1.5Si)≧−4.5  Equation (1) Group A—W: 0.2-5% Group B—V: 0.001-0.50%, Nb: 0.001-0.50%, Ti: 0.001-0.50%, and Zr: 0.001-0.50% Group C—Ca: 0.0005-0.05%, Mg: 0.0005-0.05%, REM: 0.0005-0.05%, and B: 0.0001-0.01%.