PURPOSE: To obtain the subject elastic yarn capable of readily providing a stretch knitted fabric changing the color tone in the direction of visibility angle by covering elastic yarn with covering yarn, etc., dyed in different colors.

CONSTITUTION: The objective elastic yarn is obtained by covering elastic yarn such as polyurethane elastic yarn with two covering yarns dyed in different colors or two covering yarns to be dyed in different colors in piece dyeing. Furthermore, the covering yarn is composed of, e.g. worsted, woolen, cotton spun yarn, viscose rayon or polyester and the two covering yarns have preferably the same denier or the denier of the primarily twisted covering yarn of 1.5-6 times that of the finally twisted covering yarn. The primarily twisted yarn has formed loops jumped out of the yarn and the finally twisted yarn had the ground in which the elastic yarn and the finally twisted yarn are firmly covered.