To provide a decorative sheet having the almost same metal gloss over the whole surface thereof in order to reflect even the hue of a background color and capable of easily forming a design for recognizing a character, a pattern or the like, and its manufacturing method.

A decorative layer, which includes at least a metal film layer having high light transmissivity and a patterned metal film layer having low light transmissivity, is formed on a substrate sheet by a method wherein the metal film layer having high light transmissivity and a patterned peelable resist layer are successively formed on the substrate sheet in this order and, after the metal film layer having low light transmissivity is formed on the peelable resist layer, the resist layer is peeld.