A stretch-oriented multilayer film suited for use as a freeze packaging material, a deep drawing packaging material, a vertical pillow packaging material, etc., is provided as a stretch-oriented multilayer film, comprising at least three layers including a surface layer (a) comprising a thermoplastic resin, an intermediate layer (b) comprising a polyamide resin and a surface layer (c) comprising a sealable resin, said multilayer film exhibiting an impact energy of at least 1.5 Joule at a conversion thickness of 50 νm at - 10°C. The multilayer film is produced through an inflation process using water having a large capacity as a cooling and a heating medium and including a combination of a high degree of stretching and a high degree of relaxation heat treatment not exercised heretofore.