A composite anode active material including a transition metal; an intermetallic compound which includes the transition metal as one component and is capable of alloy formation with lithium; and carbon, where both the transition metal and the intermetallic compound have crystallinity, and the transition metal exists in a phase structurally separated from the intermetallic compound capable of alloy formation with lithium, where a content of the transition metal elements as both a metal and a component of the intermetallic compound may be less than 45 wt % based on the total weight of the transition metal and the intermetallic compound capable of alloy formation with lithium. The composite anode active material is a composite anode active material having a new structure, and includes a crystalline intermetallic compound, a crystalline transition metal, and carbon. In addition, an anode and lithium battery prepared using the composite anode active material have excellent charge-discharge characteristics.