To provide a transmission screen and a rear projector which permits an image having excellent contrast, is excellent in utilization efficiency of light and is excellent also in viewing field angle characteristic, and to provide a microlens substrate which can be applied suitably for the transmission screen and the rear projector.

The manufacturing method of microlens substrate includes: a process of supplying resin material having fluidity onto a surface of the side, on which a concave part is formed, of the substrate which is constituted with material having light transparency and has the concave part provided with a large number of concave parts; a process of solidifying the resin material and obtaining a substrate main body; a process of supplying material for forming a light shielding layer onto the surface opposite to the surface side facing the substrate having the concave part of the substrate main body; a process of forming the light shielding layer by using treatment of exposing the material for forming a light shielding layer via the substrate having the concave part; and a process of removing the substrate having the concave part, wherein an absolute refractive index in the solidified state of resin material is larger than the absolute refractive index of the constituent material of the substrate having the concave part.