To provide an optical compensation film in which phase differences with respect to wavelengths of light can be easily controlled at low cost without the need of a complicated process such as a process for laminating two retardation films while aligning optical axes; and to provide a polarizing plate with an optical compensation film produced by using the optical compensation film.

The optical compensation film is a stretched film containing 1 to 30 parts by weight of polyesterpolyol based on 100 parts by weight of a cellulose ester, and satisfying specified optical characteristics.