Disclosed is a heat shrinkable multilayer film which is excellent in heat resistance, oil resistance, tearability along perforation and appearance, while being prevented from decrease in interlayer strength after printing process. When this heat shrinkable multilayer film is used for a heat shrinkable label of a container, no delamination occurs when it is affixed to the container. Also disclosedis a heat shrinkable label which uses the heat shrinkable multilayer film as a base film. Specifically disclosed is a heat shrinkable multilayer film which is characterized in that an outer surface layer containing a polyester resin and an intermediate layer containing a polystyrene resin are laminated through an adhesive layer containing a polyester elastomer or a modified polyester elastomer.