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Lead-free free-cutting brass alloys are provided comprising by wt. 55-65%Cu, 0.3-2.0%Sb, 0.2-1.0%Mn, two or more of Ti, Ni, B, Fe, Se, Mg, Si, Sn, P and rare-earth metal in amount of 0.1-1.0%, as well as balance Zn and incidental impurities. The brass alloys according to the present invention possess superior cutting property, weldability, corrosion resistance, dezincification resistance and high-temperature-oxidation resistance, and are suitable for use in drinking-water installations, domestic appliances, toy for children, fastener, etc. The process for producing such alloys is also proposed.