A decorative element (2), in particular in the form of a transfer film, a laminating film or a security thread, as well as a security document with a decorative element and a method for producing same is described. The decorative element (2) has a microstructure (4) which generates an optical effect in incident light and/or with light passing through. In a first area (32), the microstructure (4) has a base surface (40) and several base elements (41) which have in each case an element surface raised or lowered compared with the base surface (40) and a flank arranged between the element surface and the base surface (40). The base surface (40) of the microstructure defines a base plane spanned by coordinate axes x and y. The element surfaces of the base elements (41) in each case run substantially parallel to the base plane. In at least one or more first zones of the first area (32), the element surfaces of the base elements (41) and the base surface (40) are spaced apart in a direction running perpendicular to the base plane (40) in the direction of a coordinate axis z by a first distance which is chosen such that a color is generated in the one or more first zones in particular by interference of the light reflected at the base surface and the element surfaces in incident light and/or in particular by interference of the light transmitted through the element surfaces and the base surfaces with light passing through.