PROBLEM TO BE SOLVED: To manufacture a transfer foil provided with a relief structure for reproducing an image in a sufficiently large size with a high yield without causing a problem of burrs of a metal layer and chemical resistance. SOLUTION: A relief structure forming layer having a band shape is formed so that a relief structure for displaying a diffraction image including a three-dimensional image including a gaze portion to be watched by an observer is provided on one main surface. Then, a metal layer is formed on the main surface, a pair of edge portions of the surface thereof are exposed on the metal layer, a mask layer covering the central portion is formed, and the mask layer is used as an etching mask for etching. The portion of the metal layer corresponding to the edge is removed to form a reflective layer. In the relief structure, the gaze area used for displaying the gaze portion is covered with a reflective layer, and the shortest distance from the gaze area to each edge of the reflective layer is within the range of 0.1 to 2.0 mm. [Selection diagram] None
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