PURPOSE: To improve the grinding performance of a grindstone having a grinding layer on the peripheral part of a metal wheel, by building a heat pipe in the holder of the grindstone to efficiently remove heat generated by grinding.

CONSTITUTION: A grindstone holder 1 is an annular metal whose cross section perpendicular to the circumference is shaped as L and which has flat sides and a grinder-fitting hole 2 in the center. In the holder 1, an annular opening 5 is provided along a fitting surface 4 for a grinding layer 3. A wick 6 is housed in the internal opening 5 along the inside thereof, a prescribed liquid is contained in the opening, and the opening is sealed up, so that a heat pipe is built in the holder 1. In manufacturing the grindstone, the wick 6 is housed in a prescribed state inside the groove 5a of the lower holder portion 1a, and the upper holder portion 1b is welded thereon under argon, so that the internal opening 5 is defined along the welded sections 1c. Air is then removed through a suction hole 7 to inject the working liquid for the heat pipe. After that, the suction hole 7 is closed.