To provide a method of manufacturing transfer mask by which the occurrence of pattern defects can be suppressed at the time of manufacturing a transfer mask by using an SOI wafer and to provide a transfer mask obtained by the method.

In the method of manufacturing transfer mask, the transfer mask is manufactured by using the SOI substrate formed by providing an SOI active layer on one main surface of a silicon wafer through a silicon oxide film. In the method, the SOI active layer is patterned and a stress release suppressing layer is formed on the SOI substrate including the patterned SOI active layer. Then the silicon oxide film is partially exposed by patterning the silicon wafer from the other main surface side of the wafer, and removed in a state where the stress release suppressing layer is formed on the silicon oxide film. After the removal of the silicon oxide film, the stress release suppressing layer is removed.